Cyprus property sales up 21% in October

November 6, 2017

Property sales in Cyprus rose 18 percent in October compared with October 2016 with sales increasing in all districts (with the exception of Larnaca) according to official figures from the Department of Lands and Surveys.

This rise follows a rise of 8% in September, a 27% rise in August and an 18% rise in July. During October a total of 768 contracts for the sale of residential and commercial properties and land (building plots and fields) were deposited at Land Registry offices across Cyprus, compared with the 634 deposited in October 2016. Although sales remained steady in Larnaca, they rose in all other districts. Nicosia led the way with sales up by 46% and was closely followed by Paphos, where sales rose by 45%. Meanwhile, sales in Limassol and Famagusta rose by 9% respectively.

In January to October, the number of contracts for the sale of property deposited at Land Registry offices has risen 19% to 6,291 compared to the same period last year. Although sales in Larnaca have fallen by 8%, they have improved significantly in the other districts. Sales in both Limassol and Paphos have risen by 27%, while sales in both Nicosia and Famagusta have risen by 23%. Property sales have been encouraged by the reduction in Property Transfer Fees, the abolition of Immovable Property Tax. Non-EU citizens wishing to obtain residency or a Cypriot passport are taking advantage of two government schemes.

Property sales have been encouraged by the reduction in Property Transfer Fees, the abolition of Immovable Property Tax. Non-EU citizens wishing to obtain residency or a Cypriot passport are taking advantage of two government schemes. (The figures above include ‘non-sale’ agreements such as loan restructurings, recoveries, and debt-to-asset swaps agreed between the banks and defaulting borrowers.)

Source:  Cyprus Property News