Following a drop in sales of 10 percent in August, the number of properties sold in Cyprus during September rose 3 per cent compared with the same month last year according to official statistics published by the Department of Lands and Surveys.
During September a total of 385 contracts for the sale of commercial and residential properties and land (building plots and fields) were deposited at Land Registry offices across Cyprus, compared with the 373 contracts deposited in September 2014.
Of those 385 contracts, 68% (261) were deposited by domestic (Cypriot) purchasers, while 32% (124) were deposited by overseas (non-Cypriot) purchasers.
Although the number of sales increased in Nicosia (up 63%), Larnaca (up 42%) and Famagusta (up 20%), sales were down 27% and 7% in Paphos and Limassol respectively.
Sales during the first nine months of 2015 are up 6% compared with the same period last year with the number of properties sold reaching 3,530 compared to 3,328.
Speaking to StockWatch, Pavlos Loizou MRICS VRS of Resolute Asset Management said that the property market has stabilised at a very low level of trading volume; this is expected to increase slowly as the island’s economy recovers. However the high volume of sales seen in 2007 are not expected to return.
Property sales to the domestic (Cypriot) market in September fell 2% compared to September 2014, falling to 261 from 266 last year.
While sales in Famagusta, Nicosia and Larnaca were up 150%, 67% and 56% respectively, sales fell by 47% in Paphos and 20% in Limassol.
Domestic sales during the first nine months of 2015 are up 5% compared with the first nine months of last year with sales reaching 2,565 compared to last year’s figure of 2,442.
Property sales to the overseas (non-Cypriot) market during September rose 16% to reach 124 compared with the 107 sold during September 2014.
With the exception of Famagusta, where sales fell 67%, sales in Limassol rose 50%, sales in Nicosia rose 43%, while sales in Larnaca and Paphos rose 23% and 19% respectively.
During the nine months of 2015, property sales to the overseas market have risen 9% compared with the first nine months of 2014, increasing to reach 965 from last year’s total of 886.