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Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 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

  • 30 April 2019 KPMG Sales of many properties over 1 million

    The exogenous demand for luxury properties, particularly in Limassol, is... read more

  • 22 April 2019 Cyprus real estate investment Prospects and Risks

    The figures, trends and the state of the Cyprus real estate market over the... read more

  • 19 April 2019 Solution for trapped buyers edging closer

    Amendments to the law designed to resolve the Title Deed mess by enabling... read more

October property sales rise 37 per cent

   

THE DEPARTMENT of Lands and Surveys reported a 37 per cent increase in property sales during October compared with October 2015. During October a total of 634 contracts for the sale of commercial and residential properties and land (building plots and fields) were deposited at Land Registry offices across the island compared with the  463 deposited in October last year. October’s increase follows a 44% increase in September, a 50% increase in August, and a 26% increase in July. Of those 634 contracts, 75% (473) were deposited by domestic (Cypriot) purchasers, while 25% (161) 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 October sales rose in all district compared with October 2015. In percentage terms Limassol led the way with sales up 63%, followed closely by Famagusta with a 62% increase, while sales in Larnaca, Nicosia and Paphos rose 28%, 25% and 8% respectively.

Year to date performance During the first 10 months of 2016 property sales have risen 32% to reach 5,278 compared with 3,993 during the first 10 months of 2015. Sales have increased in all districts. Sales in Limassol have risen 44% and by 33% in Famagusta, while sales in Larnaca, Nicosia and Paphos have risen by 29%, 26% and 24% respectively. Domestic property sales Property sales to the domestic (Cypriot) market in October rose 34% compared to October 2015, with sales reaching 473 compared with 352 in the same month last year. In percentage terms Limassol led the way with sales rising by 59% compared to October last year, while sales in Famagusta rose by 54%. Meanwhile, domestic sales in Larnaca, Nicosia and Paphos rose by 37%, 17% and 1% respectively.

Year to date performance Domestic sales during the first ten months of 2016 are up 37% compared with the first nine months of 2015 with sales reaching 4,007 compared with 2,917 during the corresponding period last year. Sales have risen in all districts. Sales in Limassol have risen by 43%, while sales in Famagusta have risen by 42%. Sales in Paphos, Larnaca and Nicosia have risen by 39%, 35% and 27% respectively. Overseas property sales Property sales to the overseas (non-Cypriot) market during October rose 45% compared with October 2015 with 161 properties sold compared with 111 in the same month last year. During October sales rose in all district compared with October 2015. In percentage terms Nicosia led the way with sales up 150% followed by a 100% increase in Famagusta, while sales in Limassol, Paphos and Larnaca rose by 74%, 23% and 7% respectively.

Year to date performance During the first ten months of 2016 sales to the overseas market are up 18% compared with the first ten months of 2015 with sales reaching 1,271 compared with 1,076 during the corresponding period last year.


Read more at: http://www.news.cyprus-property-buyers.com/2016/11/04/october-property-sales-rise-37-per-cent/id=00151784
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