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Posted On: 04/02/2010
More bright news has come to light regarding overseas property sales in 2010. Analysts had forecast that 2010 would be a good year for overseas property, with sales increasing from as early as February. It seems that the only thing they were wrong about is the timeframe.
Year on year sales of Cyprus property increased 25% in January according to new data from the Cyprus Department of Lands and Surveys.
According to the organisation some 570 sale contracts were deposited Cypriot Land Registries last month, compared to 458 in January 2009. The most popular destination was Nicosia with 169 sales, Limassol was second with 151 sales, and Paphos third with 113 sales. It is worth bearing in mind however, that sales were still 65% down on January 2007, and that sales fell 84% in 2009 as a whole, a big drop to recover from.
Solomon Kourouklides the chairman of the Pancyprian Association of Real Estate Agents told Stockwatch that the increase was attributable to the opportunites within the market -- reading between the lines he was speaking of the distressed and discounted properties currently on offer.
"Many Cypriot individual and investors buy properties from non-Cypriots or Cypriots that cannot pay off their loans. But opportunities will run out," Kourouklides said. Overseas agents have echoed this with reports of sales increasing massively when properties are discounted in price by up to 30%. With such positivity in the Cyprus market in January, and the analyst tipped hot-month of February now upon us it will be interesting to watch the story unfold.
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