Cyprus property sales soaring

Official figures show property sales in Cyprus are soaring at the moment, with domestic demand rising steadily.

The latest official statistics published by the Department of Lands and Surveys show the number of properties sold in Cyprus during June rose 28 per cent compared to June 2016. This follows on a 59 per cent increase in sales in May.

During June, a total of 843 contracts for the sale of residential and commercial properties and land were deposited at Land Registry offices across Cyprus. Of these, 75 per cent were deposited by Cypriot purchasers and 25 per cent were deposited by overseas purchasers.

The only district to see a fall in the number of purchases taking place was Larnaca. There, property sales fell by 20 per cent from the same month a year earlier.

Sales in Nicosia (the capital) rose 65 per cent compared to June 2016, while sales in Limassol, Famagusta and Paphos rose 37 per cent, 35 per cent and 28 per cent respectively.

In terms of overseas purchases only, sales in Nicosia and Famagusta fell by 44 per cent and 42 per cent respectively, they rose 100 per cent in Nicosia, 37 per cent in Paphos and 28 per cent in Limassol.

During the first half of 2017, property sales to the overseas market have risen 44 per cent compared with the same period last year reaching a total of 989. Overseas buyers currently account for 27.4 per cent of all Cypriot property sales this year – the highest proportion since 2008, when 45.2 per cent of all property sales in Cyprus were completed by foreign buyers.

Article published 7th July 2017