Property sales in Cyprus up 44 per cent. Paphos still the Champion

PROPERTY sales in Cyprus increased by 44 per cent in September compared to September last year according to the latest official figures published by the Department of Lands and Surveys. During September a total of 556 contracts for the sale of commercial and residential properties and land (building plots and fields) were deposited at Land Registry offices across the island; an increase of 44% over the 385 sold in September last year. September’s increase follows a 50% increase in August, a 26% increase in July, and a 42% increase in June. Of those 556 contracts, 77% (427) were deposited by domestic (Cypriot) purchasers, while 23% (129) were deposited by overseas (non-Cypriot) purchasers. The number of contracts includes ‘non-sale’ agreements such as loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers. As these ‘non-sale’ agreements are not recorded separately, there is no clear picture of the actual demand for property in the domestic (Cypriot) market.

During September sales rose in all district compared with September 2015.

During the first 9 months of 2016 property sales have risen 32% to reach 4,644 compared with 3,530 during the corresponding period last year. Sales have increased in all districts.

Property sales to the domestic (Cypriot) market in September rose 64% compared to September 2015, with sales reaching 427 compared with 261 in the same month last year. Although sales in Famagusta fell by 12%, they rose in all the other districts. In percentage terms Paphos led the way with sales rising by 109% compared to September last year, whiles sales in Limassol, Larnaca and Nicosia rose by 75%, 70% and 36% respectively.

Domestic sales during the first nine months of 2016 are up 38% compared with the first nine months of 2015 with sales reaching 3,534 compared with 2,565 during the corresponding period last year. Sales have risen in all districts. Sales in Paphos have risen by 44%, while sales in Famagusta and Limassol have risen by 40%. Sales in Larnaca and Nicosia have risen by 35% and 28% respectively

Overseas property sales Property sales to the overseas (non-Cypriot) market during September were rising 4% compared with September 2015 with 129 properties being sold compared with 124 in the same month last year.