Sales of residential property in Cyprus to overseas buyers over the first eight months of 2010 has been far lower than expected, with only 1,222 properties being sold in that period compared to 5,048 during the same period of 2008, according to the Department of Lands and Surveys.

Whilst the figure has risen by a marginal 2.7% on 2009 it is significantly down on 2008 when the market was more buoyant. The largest increase in sales by foreign buyers has been in Nicosia which has seen a 55% rise.

Solomon Kourouklides, chairman of the Estate Agents Association of Cyprus, said: “The negative economic conditions in the United Kingdom, which has been Cyprus’ main market, has not allowed the purchase of properties by the British”