November property sales up 39%

Property sales in Cyprus rose 39 per cent in November compared with November 2016 with sales increasing in all districts according to official figures from the Department of Lands and Surveys.

This rise follows a rise of 18% in October, an 8% rise in September, and a 27% rise in August. During November a total of 906 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 651 deposited in November 2016.

During January to November the number of contracts for the sale of property deposited at Land Registry offices has risen 21% to 7,197 compared to the same period last year.

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.