Cyprus Property Sales Increase

Cyprus property sales increase

Property sales in Cyprus continue to increase 

In August 2014, Cyprus property sales went up for the sixth consecutive month compared to August last year. The number of Cyprus sales contracts that were deposited at Land Registry offices across Cyprus reached 355. In August last year, there were only 266 such contracts. In percentage terms, it was a substantial increase of 25.9%. Property sales in Limassol increased by 122.8%, in Larnaca-by 35%, in Famagusta-by 8.7%, while in Nicosia and Paphos they dropped by 13.1% and 10.6% respectively.

The number of properties sold in the January to August period of 2014 was 2,955 which meant a 23% increase on the 2,399 properties sold across the island during the same eight-month period last year. It is worth of noting that property sales all over Cyprus increased in all districts with the exception of Paphos where they declined by 2%. In Limassol, property sales increased by 52%, in Famagusta-by 41%, in Larnaca-by 25%, in Nicosia-by 22%.

                                                 Cyprus Property sales in the January to August period-2013/2014 Comparison

District

2013

2014

Nicosia

446

543

Limassol

616

934

Larnaca

399

497

Famagusta

149

210

Paphos

789

771

Total property sales

2,399

2,955

Source: Department of Land Registry Cyprus