cyprus has bad 2009 but hopes for 2010 recovery
News Posted On: 12 January 2010
Astonishingly only 1,800 Cyprus property were sold to non-Cypriots in 2009. This compares to over 11,000 in 2007.
Cyprus is one of very few countries to produce official data on the number of homes sold to foreigners, so a comparison with other similar markets is difficult.
That said: Cyprus was one of the most reliant on British buyers, who pretty much stopped buying in 2009 because of the double whammy of recession and the weak pound. This means Cyprus probably is one of the worst hit property markets in Europe. The title deeds crisis has also been a massive barrier to sales, but there is hope that this is now resolved by new government legislation.
While Cyprus may well have seen the fewest foreign sales in 2009, it could well see the same level of rebound as seen elsewhere as 2010 progresses. This is because the government recently announced that it had given permission to develop 14 new golf course resorts on the island -- golf was one of the major draws to foreign property buyers.
Walt Disney, the holiday resort giant from the states also announced in 2009 that Cyprus was its chosen site for the second Disney World in Europe (Euro Disney), although there has been very little information since the initial announcement.
One thing is certain, with sales hit so hard, in the words of D-Reem: Things Can Only Get Better.
View property for sale in Cyprus
Back to news articles for this country
Latest Related News Articles in Cyprus
Foreign Purchases Hit 10yr Low in Cyprus
2012-01-06
Sales continually, dropped, flopped or stagnated in the pits throughout 2011, but now, the latest da.....
2012 a Bad Year for Cyprus Property Sales
2011-12-12
This year is shaping up to be the worst year yet in terms of foreign purchases of Cyprus property, w.....
Cyprus Tourism Industry to Receive Welcome Boost
2011-06-01
The tourism industry in Cyprus is set to receive a welcome boost with the announcement that 15 new d.....
Russian and Chinese Buyers Revitalise Demand for Cyprus Property
2011-05-17
Large numbers of Russian and Chinese buyers are providing a valuable boost to the Cyprus property ma.....
Cypriot government needs to simplify housing market
2011-03-01
Those involved in the Cypriot housing market feel that the government needs to take action to revive.....
Cyprus Property Sales Increase in 2010
2011-01-13
After almost 2 years of near-constant misery there are some glimmers of hope in the Cyprus property .....
Cyprus Property Title Deeds Legislation Could be Passed Next Month
2010-09-23
A senior member of the Cypriot government has indicated that the legislation aimed at solving the tu.....
Cyprus Property Sales Increase Continues but Slower
2010-05-26
Data from the Department of Land and Surveys has shown growth in Cyprus property sales is continuing.....
Cyprus Property Market Awaits Title Deeds Legislation
2010-04-16
The Cypriot government has announced that the new legislation was passed to parliament yesterday.....
Cyprus Title Deeds Legislation to go Before Parliament within a Fortnight
2010-03-22
The long-awaited legilation aimed at tackling the title deeds issue in Cyprus is to pass before parl.....