September property sales up by 8 percent

October 13, 2017

The number of property sales in Cyprus during September rose 18 per cent compared to September 2016 according to official statistics published by the Department of Lands and Surveys earlier today. This rise follows a 27% increase in August, an 18% increase in July, and a 28% increase in June. During September a total of 602 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 556 deposited in September 2016. Of those 602 contracts, 441 (70%) were deposited by Cypriot purchasers and 161 (30%) were deposited by overseas purchasers. Although sales in Larnaca fell by 12% compared with September 2016, they rose in the remaining four districts. Sales in Famagusta rose 78%, while sales in Paphos rose by 17%. Meanwhile sales in Nicosia and Limassol rose by 7% and 4% respectively.

During the first nine months of 2017, sales contracts have risen 19% compared to the same period last year. 

Domestic property sales Property sales to the domestic (Cypriot) in September rose 3% compared to September 2016. Although sales in Larnaca and Nicosia fell by 19% and 4% respectively, they rose by 95% in Larnaca, 8% in Limassol and by 2% in Paphos.

During the first nine months of 2017, domestic sales contracts have risen 12% compared to the same period last year. Overseas property sales Property sales to the overseas (non-Cypriot) market during September 2017 rose 25% compared to the same month last year with 161 contracts of sale deposited compared with 129 in September 2016. With the exception of Limassol, where sales fell 6%, they rose in all the other districts. Nicosia led the way with the number of property sale contracts deposited rose 15% compared with September 2016. Meanwhile, sales in Paphos rose 66% and by 40% in Famagusta and by 10% in Larnaca.

During the first nine months of 2017, property sales to the overseas market have risen 42% compared with the same period last year reaching a total of 1,574. (During September a total of 121 properties were transferred to overseas buyers bringing the total number of transfers for the year to date to 739.)

Source : Cyprus Property News