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17th January 2022
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HomeProperty NewsStrong surge in Cyprus property sales

Strong surge in Cyprus property sales

Strong surge in Cyprus property salesTHE DEPARTMENT of Land and Surveys reported a 59 percent increase in in the number of property sales contracts deposited at Land Registry offices during May compared with May 2016, according to official figures from the Department of Lands and Surveys.

During May a total of 756 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 474 deposited in May 2016.

Some of this rise may be accounted for by a rush to buy before VAT is imposed on commercial sales of land.

We are also aware that an unknown number of these property sales contracts relate to ‘non-sale’ agreements such as loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers.

Sales rose in all district compared with May. In percentage terms Limassol led the way with sales up 106%, followed by Famagusta, where sales rose by 58%. Meanwhile, sales in Paphos, Nicosia and Larnaca rose by 53%, 44% and 16% respectively.

Total Property Sale Contracts – 2016/2017 Comparison

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2016 54
79
82
79 82 98 102 64 81 80 86 144
2017 72 73 79 80 118
Famagusta 2016 22
35 33
35
24 34
27 41 32 47 19 87
2017 21  19 40 29 38
Larnaca 2016 78
108 121
127
103 120
123 81 121 111 114 153
2017 102  100 113 69 119
Limassol 2016 92
179 197
166
145 222
220 129 195 270 249 432
2017 132  177 232 192 298
Paphos 2016 81
100 106
107
120 183
153 136 127 126 183 318
2017 96  87 162 136 183
Totals 2016 327
501 539
514
474 657
625 451 556 634 651 1134
2017 423  456 626 506 756

During the first five months of 2016, property sales rose 17% compared with the same period in 2016.

2 COMMENTS

  1. @ Deanna,

    You mean increasing the NPL in the future?

    There is no evidence to show the developers are paying off the bank loans, more like spending the money as it comes in. We have increased tourism, but I see there was a three hour strike at one hotel because the workers haven’t been paid for months.

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