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Cyprus property sales continue to rise

Property sales in Cyprus continued their upward trend in May 2016 compared to the same period last year, according to official statistics published by the Department of Lands and Surveys.

Cyprus property salesTHE NUMBER of property sales in Cyprus during May 2016 increased by 17 per cent compared with May 2015 according to the latest official figures published by the Department of Lands & Surveys.

The 17% increase in May follows a 35% increase in April and a 19% increase in March. Increased numbers of sales have been recorded for the last nine months.

May saw a total of 474 property sale contracts deposited at Land Registry offices across the island.

Although sales in Nicosia (the capital city) fell by 5%, compared to May 2015 they rose in all the other districts.

Sales in Larnaca rose by 51% to reach 103 compared to 68 in May 2015. Larnaca was followed by Paphos where sales increased by 26%, while sales in Famagusta and Limassol rose by 14% and 7% respectively.

Total Property Sale Transactions – 2015/2016 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2015464583888661603765646054
201654
79
82
7982
Famagusta2015162717172133451430293342
201622
3533
35
 24       
Larnaca2015907198676811195758587111114
201678
108121
127
 103       
Limassol2015959716011513513515687114166137169
201692
179197
166
 145       
Paphos201574859494951241408891117105134
201681
100106
107
 120       
Totals
2015321325452381405464496301385463446513
2016327
501539
514
 474       

During the five months of 2016 sales have risen 25% to reach 2,355 compared with 1,844 during the first five months of 2015.

Property transfers

Efforts to reduce the Title Deed backlog continue, with the number of transfers during the first five months of 2016 reaching 5,454 compared with 4,605 during the first five months of 2015; an increase of 18%.

The declared price of the 5,454 transfers was €1.20 billion and the accepted price €1.33 billion, where the declared price is the sales price entered on the contract of sale and the accepted price is the Land Registry’s assessment of the market value of a property at its date of purchase.

In addition to transfers resulting from sales, the figures also include transfers to beneficiaries of Wills and gifts.

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