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Cyprus property sales continue to rise

Property sales in Cyprus continued to increase during October in both the domestic and overseas markets, according to the latest statistics from the Department of Lands and Surveys.

DURING October 2014 a total of 375 contracts for the purchase of ‘immovable property’ (i.e. commercial and residential properties and land) were deposited at Land Registry offices across Cyprus; a 21% increase on the 310 contracts deposited in October last year.

Of those 375 contracts, 258 (69%) were deposited in favour of domestic buyers, while the remaining 117 (31%) were deposited in favour of overseas buyers.

With the exception of Nicosia, where sales in October fell by 39%, sales increased in all the other districts compared to October last year.

Sales in Larnaca rose 47% and those in Limassol increased 44%, while sales in Famagusta and Paphos rose by 33% and 20% respectively.

total property sales October 2014

Year to date sales

During the first ten months of 2014 total property sales reached 3,703; an increase of 709 (24%) on the 2,994 sales achieved during the first ten months of 2013.

Sales in Limassol are up 50% compared to last year and sales in Famagusta are up 36%. Sales in Larnaca are up 27%, while sales in Nicosia and Paphos have risen 10% and 6% respectively.

Domestic sales

Although sales in Paphos fell 24% and those in Nicosia fell 21%, increased sales in the other districts led to total domestic sales increasing by 8% to reach 258 compared with 239 in October last year.

Limassol lead the way with sales up 45% followed by Famagusta (up 22%) and Larnaca (up 12%).

domestic sales Oct 2014

Year to date sales

During the first ten months of 2014 domestic sales reached 2,700; an increase of 514 (24%) on the 2,186 sales achieved during the first nine months of 2013.

Sales in Limassol are up 58% compared to last year, while sales in Larnaca are up 16%. Sales in Nicosia are up 10% and sales in both Paphos and Famagusta have risen 8%.

Overseas property sales

Sales to the overseas market during October surged 65% to reach 117 compared to 71 in October last year.

With the exception of Nicosia, where sales dropped 94%, sales saw sharp increases in the other districts.

Sales in Larnaca rose 200% and sales in Paphos rose 127%, while sales in Famagusta and Limassol rose 100% and 42% respectively.

overseas sales Oct 2014

Year to date sales

During the first ten months of 2014 sales to the overseas market reached 1,003; an increase of 195 (24%) on the 808 sales achieved during the same period last year.

Sales in Famagusta have risen 123%, sales in Larnaca are up by 63% and sales in Limassol are up 26%. Sales in Nicosia and Paphos have risen 10% and 2% respectively.

Sales in perspective

Cyprus property sales 200-2014

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