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Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 15 July 2019 Larnaca new high rise tower projects

    In Larnaca, some 20 – 30 high-rise residential developments and hotels... read more

  • 27 June 2019 Home Saves homes but also sells them away

    On September 2, applications for the Home project will begin. Yesterday the... read more

  • 18 June 2019 Citizenship by Investment Property Fair in Beirut Lebanon

    On 13 and 14 June 2019 we took part, together with our legal team, in the... read more

  • 13 May 2019 Petrolina will move storage units by years end

    read more

  • 6 May 2019 Energy saving measures grant scheme

    There are opportunities for those living in Cyprus to the reduce their energy... read more

Property sales up 44 per cent

PROPERTY sales in Cyprus increased by 44 per cent in September compared to September last year according to the latest official figures published by the Department of Lands and Surveys. During September a total of 556 contracts for the sale of commercial and residential properties and land (building plots and fields) were deposited at Land Registry offices across the island; an increase of 44% over the 385 sold in September last year. September’s increase follows a 50% increase in August, a 26% increase in July, and a 42% increase in June. Of those 556 contracts, 77% (427) were deposited by domestic (Cypriot) purchasers, while 23% (129) were deposited by overseas (non-Cypriot) purchasers. The number of contracts includes ‘non-sale’ agreements such as loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers. As these ‘non-sale’ agreements are not recorded separately, there is no clear picture of the actual demand for property in the domestic (Cypriot) market. During September sales rose in all district compared with September 2015.

In percentage terms: Sales in Limassol rose 71% Sales in Larnaca rose 42% Sales in Paphos rose 40% Sales in Nicosia rose 25% Sales in Famagusta rose 7%

Year to date performance During the first 9 months of 2016 property sales have risen 32% to reach 4,644 compared with 3,530 during the corresponding period last year. Sales have increased in all districts. Sales in Limassol have risen 41% and by 29% in both Larnaca and Famagusta. Sales in Paphos and Nicosia (the capital) have both risen by 26%. Domestic property sales Property sales to the domestic (Cypriot) market in September rose 64% compared to September 2015, with sales reaching 427 compared with 261 in the same month last year. Although sales in Famagusta fell by 12%, they rose in all the other districts. In percentage terms Paphos led the way with sales rising by 109% compared to September last year, whiles sales in Limassol, Larnaca and Nicosia rose by 75%, 70% and 36% respectively.

 Year to date performance Domestic sales during the first nine months of 2016 are up 38% compared with the first nine months of 2015 with sales reaching 3,534 compared with 2,565 during the corresponding period last year. Sales have risen in all districts. Sales in Paphos have risen by 44%, while sales in Famagusta and Limassol have risen by 40%. Sales in Larnaca and Nicosia have risen by 35% and 28% respectively Overseas property sales Property sales to the overseas (non-Cypriot) market during September were disappointing rising just 4% compared with September 2015 with 129 properties being sold compared with 124 in the same month last year. Property sales in Nicosia, Paphos and Larnaca fell by 40%, 34% and 3% respectively. But on a brighter note sales in Famagusta rose 100% to reach 10 and sales in Limassol rose by 61% reaching 53.

Year to date performance Overseas sales during the first nine months of 2016 are up 15% compared with the first nine months of 2015 with sales reaching 1,110 compared with 965 during the corresponding period last year. With the exception of Paphos, where sales have fallen by 1%, they have risen in all the other districts. Sales in Limassol have risen 44%, while sales in Larnaca and Nicosia have risen by 12% and 11% respectively. 

Read more at: http://www.news.cyprus-property-buyers.com/2016/10/05/property-sales-44-per-cent/id=00151670
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