Property sales continue to rise in Cyprus

Sales of property in Cyprus are continuing to increase, the latest statistics from the country have suggested.

The figures, reported by Property Wire and released by the Department of Land and Surveys, demonstrate that the rise is occurring at a slower pace than in previous months, but it remains positive.

According to the organisation, real estate sales were up 11 per cent during April, compared to 2009, and up 25 per cent in the first quarter of this year in comparison to last.

But the growth is down in comparison to the figures that the organisation reported for March, which showed a 37 per cent year-on-year growth in sales.

In addition, the statistics show that demand for foreign property was also beginning to re-appear, after a number of investors fled the market during the country's economic troubles.

However, overseas investors in Cyprus are still a long way from being as prevalent as they were at their peak in 2008.

The land registry in the country reported that only 1,480 homes were sold to non-Cypriots in the first ten months of 2009.

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