Since 1970
Call us: +357 (24) 822 870 // www.palourtis.com

Newsletter

Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 9 July 2020 Cabinet extends town planning incentives

    THE CABINET on Wednesday decided to extend existing town planning incentives... read more

  • 23 June 2020 Historic deal allows property development in British Bases

    CYPRIOTS who own land in non-military areas inside the British Bases will be... read more

  • 9 June 2020 Cyprus beaches have the best water quality in the EU

    Cyprus had the highest proportion of bathing sites with excellent water... read more

  • 28 May 2020 Coronavirus Anastasiades outlines millions to be pumped into the economy updated

    Fortunately, the government is proceeding with helpful measures in order for... read more

  • 26 May 2020 The elite are snapping up pandemic passports so they can escape to safer countries

    Millionaires are looking to escape to a safe country with good medical... read more

Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 9 July 2020 Cabinet extends town planning incentives

    THE CABINET on Wednesday decided to extend existing town planning incentives... read more

  • 23 June 2020 Historic deal allows property development in British Bases

    CYPRIOTS who own land in non-military areas inside the British Bases will be... read more

  • 9 June 2020 Cyprus beaches have the best water quality in the EU

    Cyprus had the highest proportion of bathing sites with excellent water... read more

  • 28 May 2020 Coronavirus Anastasiades outlines millions to be pumped into the economy updated

    Fortunately, the government is proceeding with helpful measures in order for... read more

  • 26 May 2020 The elite are snapping up pandemic passports so they can escape to safer countries

    Millionaires are looking to escape to a safe country with good medical... read more

Property sales surge

PROPERTY sales in Cyprus surged by 54% in February compared to the same month last year according to official figures issued by the Department of Lands & Surveys. This 54% rise in February follows a 2% rise in January and a 13% rise in December 2015. February saw a total of 501 contracts for the sale of commercial and residential properties and land (building plots and fields) being deposited at Land Registry offices across; the highest monthly figure recorded since May 2014 when 551 contracts were deposited. Sales increased in all districts, with Limassol leading the way with an 85% increase in sales compared with February last year. Sales in Nicosia rose 76%, while those in Larnaca, Famagusta and Paphos rose by 52%, 30% and 18% respectively. During the first two months of 2016 sales have risen 28% to reach 828. This exceeds the number of sales during January and February of 2013 that preceded the island’s bailout. Total Property Sale Transactions – 2015/2016 Comparison District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Nicosia 2015 46 45 83 88 86 61 60 37 65 64 60 54 2016 54 79 Famagusta 2015 16 27 17 17 21 33 45 14 30 29 33 42 2016 22 35                     Larnaca 2015 90 71 98 67 68 111 95 75 85 87 111 114 2016 78 108                     Limassol 2015 95 97 160 115 135 135 156 87 114 166 137 169 2016 92 179                     Paphos 2015 74 85 94 94 95 124 140 88 91 117 105 134 2016 81 100                     Totals 2015 321 325 452 381 405 464 496 301 385 463 446 513 2016 327 501                     This significant surge in demand for property may be attributed to lower lending rates being offered by the banks and simpler procedures for granting loans, together with an improving economic climate and consumer confidence. In the coming year we expect to see structural changes implemented to accelerate the issuance of Title Deeds. Whether this will enable Title Deeds to be issued by the time a purchaser takes delivery of a property remains to be seen; but things are moving in the right direction. We will update this article with a further analysis of the sales statistics as soon as the Department of Lands and Surveys publishes the figures.

Read more at: http://www.news.cyprus-property-buyers.com/2016/03/07/property-sales-surge/id=00119116
Copyright © Cyprus Property News