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Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 10 September 2019 Many Home dwellers few are the first borrower applications

    Implementation of the Home plan has not begun with the best odds, as... read more

  • 3 September 2019 Home plan from tomorrow for 10 thousand borrowers

    After months of discussions, the Home Plan is being implemented from tomorrow... read more

  • 2 September 2019 July property sales hold steady Update

    The number of Cyprus property sales during July was the same as the number... read more

  • 29 August 2019 Cyprus real estate market review 2018

    In its annual Cyprus real estate market review, PwC reports that the... read more

  • 19 August 2019 Building permits authorised for 907 new homes

    Building permits authorised in Cyprus during May 2019 provided for the... read more

October property sales rise 37 per cent

   

THE DEPARTMENT of Lands and Surveys reported a 37 per cent increase in property sales during October compared with October 2015. During October a total of 634 contracts for the sale of commercial and residential properties and land (building plots and fields) were deposited at Land Registry offices across the island compared with the  463 deposited in October last year. October’s increase follows a 44% increase in September, a 50% increase in August, and a 26% increase in July. Of those 634 contracts, 75% (473) were deposited by domestic (Cypriot) purchasers, while 25% (161) were deposited by overseas (non-Cypriot) purchasers. The number of contracts includes ‘non-sale’ agreements such as loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers. As these ‘non-sale’ agreements are not recorded separately, there is no clear picture of the actual demand for property in the domestic (Cypriot) market. During October sales rose in all district compared with October 2015. In percentage terms Limassol led the way with sales up 63%, followed closely by Famagusta with a 62% increase, while sales in Larnaca, Nicosia and Paphos rose 28%, 25% and 8% respectively.

Year to date performance During the first 10 months of 2016 property sales have risen 32% to reach 5,278 compared with 3,993 during the first 10 months of 2015. Sales have increased in all districts. Sales in Limassol have risen 44% and by 33% in Famagusta, while sales in Larnaca, Nicosia and Paphos have risen by 29%, 26% and 24% respectively. Domestic property sales Property sales to the domestic (Cypriot) market in October rose 34% compared to October 2015, with sales reaching 473 compared with 352 in the same month last year. In percentage terms Limassol led the way with sales rising by 59% compared to October last year, while sales in Famagusta rose by 54%. Meanwhile, domestic sales in Larnaca, Nicosia and Paphos rose by 37%, 17% and 1% respectively.

Year to date performance Domestic sales during the first ten months of 2016 are up 37% compared with the first nine months of 2015 with sales reaching 4,007 compared with 2,917 during the corresponding period last year. Sales have risen in all districts. Sales in Limassol have risen by 43%, while sales in Famagusta have risen by 42%. Sales in Paphos, Larnaca and Nicosia have risen by 39%, 35% and 27% respectively. Overseas property sales Property sales to the overseas (non-Cypriot) market during October rose 45% compared with October 2015 with 161 properties sold compared with 111 in the same month last year. During October sales rose in all district compared with October 2015. In percentage terms Nicosia led the way with sales up 150% followed by a 100% increase in Famagusta, while sales in Limassol, Paphos and Larnaca rose by 74%, 23% and 7% respectively.

Year to date performance During the first ten months of 2016 sales to the overseas market are up 18% compared with the first ten months of 2015 with sales reaching 1,271 compared with 1,076 during the corresponding period last year.


Read more at: http://www.news.cyprus-property-buyers.com/2016/11/04/october-property-sales-rise-37-per-cent/id=00151784
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