Just 267 contracts of sale were deposited at Land Offices across the country in June, compared to 543 the year previous. Transaction volumes fell in all regions, with the greatest drop recorded in Nicosia at -66 per cent. Famagusta wasn't too far behind at -60 per cent, while Larnaca saw the third biggest sale reductions of 55 per cent, the newspaper relayed. Paphos and Limassol didn't escape transaction falls either, with 44 per cent and 34 per cent drops respectively.
In the first half of 2013, 1,779 properties were sold. This is a fall of 52 per cent from the 3,710 sold during the first half of 2012. Unfortunately, this downward spiral is expected to continue for the sector. The country is still in dire straights economically despite a European bailout. Until the situation stabilises, transaction volumes and property prices will continue to take the hit.
However, this is good news for foreign buyers and for those with finance in place, the market is theirs for the taking. Tony Martin of Apollonico Developments, based near Nicosia, told A Place in the Sun magazine: "You as the buyer have all the power over the price of the property and what you want to pay. Of course the sellers are still in control of the final decision. If you’re smart and patient and have good negotiating skills there are a lot of bargains in the market to consider."
As in many European countries since the recession, it is now a cash market in Cyprus. Consequently, investors need to ensure they have the finances in place to have the best chance of picking up property at the lowest prices.