Cyprus property market is going through a transformation. Cyprus property transactions are on the up showing 20% increase in the first quarter 2014 but without any notable recovery in price levels. The statistical data released by the Land & Survey Department in April showed surprising results. In Cyprus, we are used to see number of property sales to foreigners literally dwarfing sales to Cypriots. However, according to the latest statistics, a massive 70% of the total property sales in Cyprus have been registered in favour of the local clients!
Are Cypriot buyers becoming more risk averse, lost faith in their government and decided that investment in bricks and mortar represent the only secure investment?