British Fly to Let property investors and other foreign buyers taking advantage of discounts being offered by developers has helped Cyprus sales rise by 24 percent year-on-year in January.

The Cyprus property market has suffered from several setbacks during the past two years but a report from the Cyprus Department of Lands and Surveys stated that 570 sale contracts were deposited at Land Registries in Cyprus last month, compared to 458 in January last year.

However, this was still 65 percent below those seen in January 2008 and follows a dire 2009 when sales fell by 84 percent against peak figures in 2007.

The most popular places among the foreign buyers are Nicosia with 169 sales, Limassol with 151 and Paphos with 113.

Around 80 people associated with the country’s property market recently gathered in Nicosia for the launch of the RICS Cyprus Property Price Index which will be published quarterly.

The Index will provide details and trends relating to the pricing of apartments, houses, offices, high street retail premises, warehouses and offices and it tracks property prices and rents across 46 locations.

The methodology is the brainchild of Professor Dr Pat McAllister MRICS and Dr Franz Fuerst from the Reading University Department of Real Estate & Planning at Henley.

• Fly to let investors interested in buying on the popular island of Malta are being encouraged to attend the HSBC Malta Property Expo from 4-7 March.

The event, being held at the Malta Fairs and Conventions Centre in Ta’ Qali, follows the success of the first ever property fair in Malta in February 2009.

Exhibition stands at HSBC Malta Property Expo 2010 taken by developers, estate agents, interior specialists, financial institutions, government bodies, and other property related businesses, sold out two months prior to the event.

Special offers on flights and 5 Star Accommodation starting from £110 from Heathrow and Gatwick airports (includes return ticket and 1 night accommodation in a 5 star hotel, taxes and tariffs not included) are available. For for information contact flights@maltapropertyexpo.com.

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