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November property sales up 39%

Property sales in Cyprus rose 39 per cent in November compared with November 2016 with sales increasing in all districts according to official figures from the Department of Lands and Surveys.

Cyprus property salesTHE NUMBER of property sales during November rose 39 per cent compared to November 2016 according to official statistics published by the Department of Lands and Surveys earlier today.

This rise follows a rise of 18% in October, an 8% rise in September, and a 27% rise in August.

During November a total of 906 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 651 deposited in November 2016.

Sales rose in all districts. In percentage terms Famagusta led the way with sales up by 174% and sales in Nicosia (the capital) up by 98%. Meanwhile sales in Larnaca, Limassol and Paphos rose by 32%, 29% and 16% respectively.

Total Property Sale Contracts – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201654
79
82
79829810264818086144
2017727379801181621247687117170
Famagusta201622
3533
35
2434
2741 32 471987
20172119402938465947575152
Larnaca201678
108121
127
103120
12381 121 111114153
2017102100113691199610388107111151
Limassol201692
179197
166
145222
220129 195 270249432
2017132177232192298304289201203306321
Paphos201681
100106
107
120183
153136127 126183318
20179687162136183235184160148183212
Totals2016327
501539
514
474657
625451 556 634651 1,134
2017423 456626 506 756 843739 572 602768906

During January to November the number of contracts for the sale of property deposited at Land Registry offices has risen 21% to 7,197 compared to the same period last year.

Although sales in Larnaca have fallen by 4%, they have improved in the other districts.

Sales in Famagusta are up 32%, sales in Nicosia are up 31% and sales in Limassol and Paphos are up 28% and 26% respectively.

Property sales have been encouraged by the reduction in Property Transfer Fees, the abolition of Immovable Property Tax. Non-EU citizens wishing to obtain residency or a Cypriot passport are taking advantage of two government schemes.

(The figures above include ‘non-sale’ agreements such as loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers.)

Readers' comments

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  • Richard says:

    Thx – keep us posted..

  • Richard says:

    Thanks for commenting. Do you know if and/or when the Dept of Land & Surveys will do this?

    Ed: No, but hopefully next week.

  • Richard says:

    Be interesting to see what portion of these rises are the Chinese lodging the last desperate sales before their Government shut down this ‘property for passports’ scheme for good.

    Ed: The Dept. of Lands & Surveys has yet to publish the number of overseas buyers.

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.

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