Overseas property buyer numbers soar in Cyprus

The number of overseas property buyers purchasing a property in Cyprus has risen significantly, new figures show.

The latest official statistics from the country’s Department of Lands & Surveys, reveal that overseas property buyers bought 65 per cent more properties in October 2017 than they had in the same month last year.

Of the 768 contracts for the sale of immovable property in Cyprus deposited at Land Registry offices in October, over 34 per cent were deposited by overseas buyers.

Sales to overseas property buyers rose in all districts. In percentage terms, Famagusta led the way with sales increasing by 130 per cent, followed by Paphos, where they rose by 81 per cent. Meanwhile sales in Nicosia, Limassol and Larnaca rose by 70 per cent, 60 per cent and 30 per cent respectively.

In terms of the actual number of sales, Limassol was the most popular location for overseas buyers last month with 109 homes in the district purchaser by foreign investors during October.

During the first ten months of 2017, property sales to the overseas market have now risen by 45 per cent compared with the same period last year to reach a total of 1,840.

Paphos is the most popular district overall, achieving 655 sales closely followed by Limassol with 626. Larnaca has achieved 301 sales, Famagusta 139 and Nicosia 119.

Article published 30th November 2017