Overseas purchasers drive Cyprus property sales

The number of overseas buyers purchasing a property in Cyprus rose significantly last month.

The latest official statistics published by the Department of Lands and Surveys show that property sales to the overseas market during September 2017 rose 25 per cent compared to the same month last year. In total, 161 foreign buyers purchased a home on the island last month, compared to 129 in the same month 12 months ago.

Limassol remains the most popular district among overseas buyers with 50 homes there bought by foreign purchasers in September. However, it was also the only district to record a fall in sales compared to a year ago.

Paphos recorded the biggest rise in sales to foreign nationals (up 66 per cent), while sales in Famagusta (40 per cent), Nicosia (15 per cent) and Larnaca (10 per cent) were also up.

During the first nine months of 2017, property sales to the overseas market have risen 42 per cent compared with the same period last year reaching a total of 1,574.

Overall, property sales in Cyprus rose by 18 per cent compared with the same month last year. This rise follows a 27 per cent increase in August, an 18 per cent increase in July, and a 28 per cent increase in June.

During September a total of 602 contracts for the sale of residential and commercial properties and land were deposited at Land Registry offices across Cyprus.

Article published 9th September 2017