Overseas buyers returning to Cyprus

The number of overseas buyers purchasing property in Cyprus increased significantly in March, new figures show.

According to the latest figures published by the Department of Lands and Surveys of Cyprus, property sales to overseas buyers was up by 18 per cent in March 2017 compared to the same month a year earlier.

The increase was driven by a massive 78 per cent increase in overseas buyers purchasing in Paphos. There was also a further 33 per cent increase in Famagusta and an 8 per cent increase in Limassol. This more than offset sales declines in Nicosia and Larnaca by 40 per cent and 22 per cent respectively.

During the first quarter of 2017, property sales to the overseas market have risen by 32 per cent compared with the first quarter of 2016 to reach a total of 392 completed sales.

Overall, including sales in the domestic market, the numbers of property sales in Cyprus during March rose 16 per cent compared to March 2016.

A total of 626 contracts for the sale of residential and commercial properties and land (building plots and fields) were deposited at Land Registry offices across Cyprus last month. Of these 626 contracts, 440 (70 per cent) were deposited by Cypriot purchasers and 186 (30 per cent) were deposited by overseas purchasers.

Article published 7th April 2017