2017 – A profitable year for property sales
For the fourth consecutive year Cyprus property sales rose during 2017 according to the latest official statistics published earlier today by the Department of Lands and Surveys in Nicosia.
Despite continuing problems with Title Deeds, property sales in Cyprus rose 24 per cent during 2017 according to official statistics published by the Department of Lands and Surveys. This follows an annual rise of 43 per cent in 2016, 9 per cent in 2015 and 20 per cent in 2014.
December property sales
During December 2017 total of 1,537 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 1,134 deposited in December. 2016; an increase of 36% and the highest number since July 2008. Of the 1,537 contracts, 1,190 (65%) were deposited by domestic (Cypriot) purchasers, while 35% (347) were deposited by overseas (non-Cypriot) purchasers. Sales rose in all districts. In percentage terms Nicosia (the capital) led the way with a rise in sales of 113% followed by Famagusta with an increase of 94%. Meanwhile sales in Limassol, Larnaca and Paphos rose by 23%, 18% and 10% respectively.
During 2017 a total of 8,734 contracts of sale were deposited compared with the 7,063 deposited in 2016; an increase of 24% and the highest number since the property bubble burst in 2008. Although sales in Larnaca fell by 1% over the year, they rose in all the other districts. Annual sales in Famagusta rose by 44% followed by Nicosia with a rise of 42%. Meanwhile property sales in Limassol and Paphos rose by 27% and 23% respectively.
Property sales to the domestic (Cypriot) market in December rose 53% compared to December 2016, with sale agreements reaching 1,190 compared with 780 in December 2016. Domestic sales rose in all districts. In percentage terms Nicosia led the way with sales up 133%, followed by Famagusta, where sales rose by 107%. Meanwhile, sales in Limassol, Paphos and Larnaca rose by 39%, 22% and 18% respectively.
During 2017 domestic sales rose 21% compared with 2016. Although sales fell by 7% in Larnaca, they rose in all the other districts. In percentage terms sales in Nicosia rose by 44% followed by Famagusta where they rose by 38%. Meanwhile sales in Limassol and Paphos rose by 25% and 14% respectively.
Property sales to the overseas (non-Cypriot) market in December fell by 2% compared with December 2016 with 347 properties sold compared with 354 in December 2016. Although sales rose by 33% in Famagusta, 29% in Nicosia and 21% in Larnaca, these increases were outweighed by falls of 17% in Limassol and 5% in Paphos.
Source: Cyprus Property News