Local citizens of increase their interest in the property of Cyprus. At the same time, the foreign investors decline it.
Property sales to the domestic (Cypriot) market, which accounted for 70% of all sales in June, rose by 14% compared to June 2019.
Although domestic sales in Paphos fell by 74%, this wall was outweighed by gains in the remaining four districts. Sales in Famagusta rose by 72%, whiles sales in Larnaca, Nicosia and Limassol rose by 72%, 69% and 38% respectively.
During the first half of 2020, sales to the overseas market have fallen by 44% compared to the same period last year.
Sales to the EU segment of the overseas market fell 54% compared with June 2019. Although sales in Famagusta rose by one (from 8 to 9), they fell in the remaining four districts.
Paphos reported a fall of 69%, Nicosia 56%, Larnaca 45%, Limassol 42% and Famagusta 13%.
During the first half of 2020, sales to the EU segment of the overseas market have fallen by 40% compared to the same period last year.
Sales to the EU segment of the overseas market fell 29% compared to June 2019 with sales falling in all districts.
In percentage terms, sales in Famagusta fell 60% followed by Nicosia (down 50%), Larnaca (down 35%), Limassol (down 33%) and finally Paphos (down 29%).
During the first half of 2020, sales to the overseas market have fallen by 44% compared to the same period last year.
What prospects for the future?
Credit rating agency Moody’s expects the major sectors of the Cypriot economy to recover within two or three quarters. In a credit rating report published last week, Moody’s says:
“Tourism-related construction activity will likely remain below pre-crisis levels over several quarters, while residential construction will be more resilient. We also expect the performance of the business services sector to be robust. As a result of these trends, we expect a gradual economic recovery in the second half of 2020 and in 2021.”
Source: news.cyprus-property-buyers