Cypriot property sales fall six years in a row

Cypriot property sales fell in 2013 for the sixth year in a row, according to new figures.

The data, reported by Cyprus Property News, shows that sales have plummented by more than 80 per cent compared to the market peak of 2007, with last year's sales numbers the lowest since records began in 2000.

Sales have steadily fallen since the onset of the global financial crisis in 2007, as the number of Brits looking for holiday homes on the island dwindled signifacntly. Low economic confidence, combined with problems surrounding Cyprus' failure to issue Title Deeds to buyers, has helped activity to continue to shrink.

Now, Cyprus is actively trying to encourage Chinese and Russian buyers into the island's market to make up for the fall in demand from other countries.

Nonetheless, the two nationalities have helped foreign investment to continue in Cyprus, with a speech by Interior Minister Socratis Hasikos revealing that overseas buyers injected €500 million into the country, the majority in its real estate market.