Property Purchases in Cyprus Down 75%

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Reports have shown that property purchases in Cyprus by foreign nationals were down 75% compared to the same time in 2008.
 

The first seven months of this year has seen property sales drop to below 1,100 from 4,552 for the same period last year according to figures from the Cyprus Land Registry Department. The worst hit areas were Famagusta and Larnaca.

 
Estate Agents in Cyprus had hoped that the Russian and Scandinavian markets would make up for the decrease in British buyers who have suffered with the economic crisis and weak sterling against the euro.

 
Developers may have to decrease their prices for unsold property in order to meet loan demands from banks.

 
The Cyprus Government are hoping that a relaxation in the law of issuing title deeds may give more confidence in the property market and to future property buyers.
 

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