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Cypriot developers expected to slash prices

Cypriot developers expected to slash prices (News (General))

by administrator @, Monday, August 24, 2009, 17:48

Foreign property investors are deserting the real estate market in Cyprus with the latest published figures showing a 75% drop in the number of non-Cypriot buyers.

According to data from the Land Registry Department the number of property sold to foreign buyers fell to less than 1,100 in the first seven months of 2009 compared with 4,552 during the same period of 2008.

Areas like Larnaca and Famagusta which have always been popular with foreign buyers saw an astounding 80% fall in purchases by non nationals.

The Mediterranean islands property market is also being battered by falling property prices and the on-going row over title deeds and the resulting bad publicity may also be putting buyers off.

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