Overseas property buyers favor Paphos property market

Overseas property buyers favor Paphos property market

The Paphos housing market had the highest percentage of overseas buyers in 2011, according to new figures.

The Cyprus Property News reported that the data from Cyprus land registry revealed international investors accounted for 35% of house purchases in Paphos. Famagusta and Larnaca were not far behind, with 32% and 31% of deals completed with foreigners respectively.

However, Nicosia, the nation’s capital, is less dependent on overseas purchasers, with just 14% of its property deals made by this demographic.

Overall, the level of Cypriot real estate transactions fell by 18% in 2011, compared with 2010.

Despite the number of overseas buyers in Larnaca rising by four per cent in 2011, the city experienced the greatest fall in activity, with a 28% decline. Moreover, Findings revealed by Leaf Research showed that, between 2007 and 2011, there was a decline in the number of property transactions in the area of 71%. Besides, the number of people who search for real estate in Larnaca falling over the last few years, there has also been a decline in the price of property in the area.

The paphos housing market saw a sharp rise in sales in the second half of last year in response to huge discounts designed to tempt buyers back to the market. Some investors were able to pick up property with discounts of as much as 30%.


Source: http://www.estatescyprus.com/