Cyprus’ property market shows signs of evening out
The property market in Cyprus has seen sales continue to drop, but these are lesser declines than previous months, according to a report by Cyprus Property News.
October saw a further decline in sales, with the Land Registry receiving 454 contracts. In the same month last year, 565 contracts were submitted.
This is a fall of 20% year-on-year and a drop from standard levels, yet it is still lower than September’s decline of 27%.
There is hope that this suggests the market is leveling out.
However, interest from overseas buyers is still strong; 22.5% of registrations in October were from buyers abroad.
Such statistics mean next year could be more positive for the country, but the increase in sales mean prices could rise.
Now, therefore, is an optimum time for investors to acquire property for cheap prices.