Resicom – Holiday Investment – 04-21 – LB

Cyprus Real Estate Market Keeps Rising

Paphos Lighthouse Cyprus

The number of Cyprus real estate transactions rose in by 8 per cent in September, when compared to September 2016.

This followed rises of 27 per cent in August, 18 per cent in July, and 28 per cent in June, confirming that the Cyprus real estate market is continuing to strengthen.

The latest official figures released by the Department of land and Surveys showed 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. This compared to 556 deposited in the same month last year.

Cyprus real estate transactions showed a 70/30 split, with 441 (70 per cent) made by Cypriot purchasers, and 161 (30 per cent) made by overseas property investors.

Transactions in Famagusta rose by 78 per cent year-on-year, while Paphos transactions rose by 17 per cent. Sales in Nicosia were up by 7 per cent and Limassol saw a 4 per cent rise.

The only area which saw a fall in real estate transactions during September was Larnaca, down 12 per cent when compared with the same month a year ago.

This latest rise means that Cyprus real estate transactions are up by 19 per cent over the first nine months of 2017.

Domestic property sales (to Cypriot buyers) rose by 3 per cent year-on-year during September. Sales were up by 95 per cent in Faqmagusta, 8 per cent in Limassol and by 2 per cent in Paphos. However, domestic property sales were down in Larnaca and Nicosia by 19 per cent and 4 per cent respectively.

Cyprus real estate sales to overseas property investors were up even more in September, rising by 25 per cent compared to the same month last year with 161 contracts of sale deposited, compared with 129 in September 2016.

Sales to overseas property investors in Paphos rose by 66 per cent, while Famagusta saw a 40 per cent rise. Nicosia recorded a rise of 15 per cent year-on-year during September, and sales rose by 10 per cent in Larnaca. Only Limassol saw a slight decline, with sales to overseas property investors falling by 6 per cent.

The first nine months of 2017 have seen Cyprus real estate sales to overseas property investors rise by 42 per cent when compared to the same period last year, reaching a total of 1,574.


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