The crisis in the real estate market of Cyprus is compounded

Sales in the Cyprus property market continues to fall - in September 2013 there was concluded a total of 285 sale and purchase agreements of property, according to the online source The Cyprus News , citing data from the Land Department of the country. This figure is 36% lower than in September 2012, when it was concluded 442 deals. Of the total number of transactions to foreigners accounted for 77 (27%) of purchases, 208 (73%) of transactions carried out by local residents. For the first nine months of 2013 the volume of transactions made by foreigners decreased by 28% compared to the same period in the previous year. The most significant reduction in transactions entered into by foreigners, according to Famagutse (75%), in Larnaca fell by about 10%. Paphos and Limassol, this figure rose to 25% and 12%, respectively. The growth of transactions in these areas is associated with increased activity of Chinese and Arab investors who are interested in buying properties worth more than 300 000 euros and a residence permit in Cyprus. HomesOverseas.ru