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Tuesday 22nd June 2021
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HomeProperty NewsNovember property sales up 39%

November property sales up 39%

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

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 80 118 162 124 76 87 117 170
Famagusta 2016 22
35 33
35
24 34
27 41 32 47 19 87
2017 21 19 40 29 38 46 59 47 57 51 52
Larnaca 2016 78
108 121
127
103 120
123 81 121 111 114 153
2017 102 100 113 69 119 96 103 88 107 111 151
Limassol 2016 92
179 197
166
145 222
220 129 195 270 249 432
2017 132 177 232 192 298 304 289 201 203 306 321
Paphos 2016 81
100 106
107
120 183
153 136 127 126 183 318
2017 96 87 162 136 183 235 184 160 148 183 212
Totals 2016 327
501 539
514
474 657
625 451 556 634 651 1,134
2017 423 456 626 506 756 843 739 572 602 768 906

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.)

3 COMMENTS

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

    Ed: No, but hopefully next week.

  2. 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.

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