According to a recent survey printed in the Financial Mirror, a leading Cypriot financial and business newspaper, a sharp rise in property prices over the past year is now "driving investors away."

In fact property sales have declined by 29% year on year during the first half of the year, according to the Land Registry figures.

Part of the Financial Mirrors report reads: "Industry experts blame most of the real estate decline on the sharp increase in property prices, with Paphos now matching prices quoted in Spain and driving itself out of the market."