2018 to be a positive year for property sales
Residential property sales increased in 2017 for a fourth year in a row and prices have also been rising making the outlook for 2018 one of the most positive for years.
The latest figures from the Department of Lands and Surveys shows that during December 2017 sales increased by 36% to reach their highest level since July 2008 with 25% bought by overseas buyers.
Sales rose in all districts with the highest rise of 113% recorded in Nicosia, followed by a rise of 94% in Famagusta while sales were up 23% in Limassol, up 18% in Larnaca and up 10% in Paphos.
Year on year sales were up 24%, the highest level since the property bubble burst in 2008. Although sales in Larnaca fell by 1% year on year, they rose in all the other districts. Annual sales in Famagusta rose by 44% followed by Nicosia with a rise of 42%, Limassol up 27% and Paphos up 23%.
During 2017 as a while overseas sales rose 33% compared with and increased in all districts, up by 61% in Famagusta, up 38% in Paphos, up 33% in Limassol, up 31% in Nicosia and up 15% in Larnaca.
Prices and rents have also been rising. The most up to date quarterly index from the Royal Institution of Chartered Surveyors (RICS), which covers the second quarter of 2017, shows that across the island prices for both houses and flats increased on a quarterly basis by 1.6% and 1.5% respectively.
The biggest prices increase were in Limassol with a quarterly rise of 3.8% for flats and houses. In Larnaca prices remained stable while values for holiday homes across Cyprus increased by 2.6% for flats and 1.9% for houses. Limassol recorded the highest quarterly increases for holiday apartments with an increase of 4.2% and Paphos for holiday homes with an increase of 3%.
Across Cyprus, on a quarterly basis rental values increased by 3% for apartments and 1% for houses. Compared to the second quarter of 2016, rents increased by 8.3% for flats and by 10.2% for houses.
Source: Property Wire