Resicom – Holiday Investment – 04-21 – LB

January Cyprus Property Sales Rising

The new year has seen January Cyprus property sales rise as the recovery of the real estate market on the island continues.

January Cyprus property sales were up by 64 per cent when compared year-on-year to January 2017.

The considerable uptick in sales follows a rise of 39 per cent in November, an 18 per cent rise in October and an 8 per cent rise in September.

During January a total of 695 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 423 deposited in January 2017.

In a further boost to the property market, the rise in January Cyprus property sales represented the highest number of contracts deposited during January since 2012 when 697 contracts were deposited.

All districts of Cyprus saw an increase in property sales over the month when compared to the previous year.

Famagusta was the highest performer, with property sales up by 129 per cent compared to the first month of 2017.

Nicosia also saw sales of real estate more than double, recording a rise of 103 per cent when compared to January 2017.

Sales in Paphos, Limassol and Larnaca rose by 71 per cent, 70 per cent and 10 per cent respectively.

Further political stability in Cyprus could also help the real estate market.

In the run-off presidential election last week, Nicos Anastasiades defeated challenger Stavros Malas by a significant margin. The victory is likely to allow the peace process with the Turkish Cypriot north of the island to move forward.

The property market in Cyprus has now been rising fairly continuously for a good length of time, proving that confidence in the sector has certainly returned.

Overseas property investors may wish to look at investing in Cyprus again, while there are still property bargains to be had on the island.

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