Sales of residential property to overseas buyers in Cyprus fell 43% year on year in November 2011 according to the Department of Lands and Surveys.

Sales fell in all areas of the Island with the capital Nicosia seeing the biggest fall with just six properties sold to overseas buyers, a fall of 80% on the thirty sold one year ago in November 2010. Sales in Larnaca were down 50%, followed by Paphos at 40%, Limassol by 36% and Famagusta by 4%.

November was the second worst month of 2011 as there were only 103 contracts agreed to sell to overseas buyers in the month, compared to 179 agreed back in November 2010.

So far in 2011 property to overseas buyers has fallen by 13% when compared to last year and is now below the total sold in 2009.