The number of property transactions completed in Cyprus increased for the fourth year in a row during 2017.
The latest figures from the Department of Lands and Survey reveal that year on year sales were up 24 per cent, the highest level since the property bubble burst in 2008.
Although sales in Larnaca fell by 1 per cent year on year, they rose in all the other districts. Annual sales in Famagusta rose by 44 per cent followed by Nicosia with a rise of 42 per cent, Limassol up 27 per cent and Paphos up 23 per cent.
During December 2017 alone, property sales in Cyprus increased by 36 per cent to reach their highest level since July 2008. Exactly a quarter of properties purchased in Cyprus during month were bought by overseas purchasers.
However, sales to overseas buyers actually fell in December 2017 compared to December 2016 by 2 per cent. Year-on-year, though, sales to overseas buyers rose by 33 per cent, increasing in all districts. Sales for foreigners were up by 61 per cent in Famagusta, by 38 per cent in Paphos, by 33 per cent in Limassol, by 31 per cent in Nicosia and by 15 per cent in Larnaca.
Property prices in Cyprus are also rising. During the second quarter of 2017 prices of houses and flats increased by 1.5 per cent and 1.6 per cent respectively.
Article published 25th January 2018