- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

November property sales fall

FOLLOWING eight consecutive months of increasing sales, the number of properties sold in Cyprus during November fell compared to the same period last year according to the latest official statistics from Department of Lands and Surveys.

During November, a total of 370 contracts to purchase immovable property were deposited at Land Registry offices across Cyprus; a 6% fall compared to the number deposited in November 2013 (394).

Of those 370 contracts, 93 (27%) were deposited in favour of overseas buyers, while the remaining 277 (73%) were deposited in favour of domestic buyers.

Year to date sales

During the first eleven months of 2014 total property sales reached 4,073; an increase of 685 (20%) on the 3,388 sales recorded during the same period last year.

Domestic sales

Sales to the domestic market declined 7% compared to November 2013.

Sales in Famagusta, Paphos and Limassol fell by 54%, 31% and 12% respectively, while sales in Larnaca increased by 49% and sales in Nicosia rose 16%.

Cyprus domestic property sales

Year to date

During the first eleven months of 2014 domestic sales reached 2,977; an increase of 493 (20%) on the 2,977 sales achieved during the same period last year.

Overseas sales

Sales to the overseas market declined 3% compared to November 2013.

Although sales in Larnaca, Famagusta and Nicosia increased by 170%, 133% and 40% respectively, these increases were more than offset by the fall in sales in Limassol (-46%) and Paphos (-35%).

Cyprus overseas property sales

Year to date

During the first eleven months of 2014 property sales to the overseas market reached 1,096; an increase of 192 (21%) on the 904 sales achieved during the same period last year.