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Offer Push Demand

“Offers” push demand slightly up

Cyprus property demand showed a slight recovery in August since the “offers” made by the big developers seem to be fruitful. The latest Land Registry data show that demand becomes stronger, despite the slump in external demand. The drop in prices reheats partly the purchasing interest in housing properties, however the market circles warn for worse days to come.

This slight improvement is reflected in the new Land Registry figures. The annual drop in the deeds of sale in August stood at 31% compared to 42% in July. The gap shows a stable improvement since January 2009, when it had reached 72%.

Specifically, the total properties sold in August 2009 stood at 642 against 936 in the corresponding month of 2008. In July, sales reached 902 and in June 753.

The closing of the gap reduced the decline in the first eight months of the year to 54%.

External demand

The slight reheat is mostly attributable to the improvement of domestic demand, since the foreign buyers are basically vanished.

The figures indicate the size of the problem that the seaside towns continue to face.

The sales to foreign buyers in Famagusta, Paphos and Larnaca tumble, with free Famagusta ranking first with a decrease of 84%. Total sales in the area fell to 164 compared to 1013 in the corresponding period of 2008.

Famagusta is followed by Larnaca with a drop of 83% to 211 sales against 1262 sales last year and Paphos with a decline of 75% to 413 from 1665 in 2008.

In Nicosia and Limassol the slowdown was slower. Sales in the capital fell 59% to 123 from 302 in 2008 and in Limassol 65% to 278 from 806 in the corresponding period of 2008.

In his statements to StockWatch, valuator Antonis Loizou said that the figures are not surprising. For the domestic market, they are attributable to the drop in prices via the offers that many developers make and the summer houses that the Cypriots buy during summer.

According to Mr. Loizou, external demand will not recover before 2010. “So long as no new constructions are built, the opportunities will become fewer and fewer. This means that in a period of 1-2 years, prices will rise again due to a lack of properties”, he concluded. 

Source: www.stockwatch.com.cy

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