Rise in property sales led by overseas buyers

International Wednesday, 29 November, 2017

October saw the number of property sales in Cyprus to overseas buyers rise by 65% according to official statistics from the Department of Lands & Surveys.

Sales increased by 65% compared to October 2016 with sales rising in all districts. In percentage terms, Famagusta led the way with sales increasing by 130%, followed by Paphos, where they rose by 81%. Meanwhile sales in Nicosia, Limassol and Larnaca rose by 70%, 60% and 30% respectively.

During the first ten months of 2017, property sales to the overseas market have risen 45% compared with the same period last year to reach a total of 1,840.

So far this year Paphos is the most popular achieving 655 sales closely followed by Limassol with 626. Larnaca has achieved 301 sales, Famagusta 139 and Nicosia 119.

Domestic property sales 

Sales of Cyprus property to the domestic market in August rose by 6% compared to October 2016. Although sales in Famagusta, Larnaca and Limassol fell by 24%, 11% and 2% respectively, these falls were outweighed by increased sales in Nicosia (43%) and Paphos (27%).

During the first ten months of 2017, property sales to the domestic market have risen 11% compared with the same period last year to reach a total of 4,451.

So far this year Limassol is the most popular achieving 1,688 sales followed by Paphos with 919. Nicosia has achieved 869 sales, Larnaca 707 and Famagusta 268.

Copyright © Cyprus Property News

 


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