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.
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%).
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.
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
