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19th August 2022
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HomeProperty NewsCyprus property sales continue to rise

Cyprus property sales continue to rise

Cyprus property sales THE 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

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2015 46 45 83 88 86 61 60 37 65 64 60 54
2016 54
79
82
79 82
Famagusta 2015 16 27 17 17 21 33 45 14 30 29 33 42
2016 22
35 33
35
 24              
Larnaca 2015 90 71 98 67 68 111 95 75 85 87 111 114
2016 78
108 121
127
 103              
Limassol 2015 95 97 160 115 135 135 156 87 114 166 137 169
2016 92
179 197
166
 145              
Paphos 2015 74 85 94 94 95 124 140 88 91 117 105 134
2016 81
100 106
107
 120              
Totals
2015 321 325 452 381 405 464 496 301 385 463 446 513
2016 327
501 539
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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