Opportunities in the market lead to growth in Cypriot property sales

After a turbulent few months for the Cypriot housing market, news that property sales are beginning to pick up is likely to be welcomed by investors.

The latest statistics, compiled by the island's Lands and Surveys Department, demonstrate an increase in volumes of around 30 per cent in February compared with the same month last year.

Solomon Kourouklides, president of the Cyprus Real Estate Agents' Association, explained that the growth was probably a result of more opportunities opening up for buyers in the marketplace.

Many new purchasers are buying up property from individuals who are struggling with loan payments.

Meanwhile, Mr Kourouklides made his predictions for the coming year: "If the economic parameters remain the same, we believe that the market will remain at the save level as in 2009."

This is the second month in a row that property sales posted an increase, as in January the Land and Surveys Department reported that there had been a 24 per cent increase in house sales compared with the same period in 2009.