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Property for sale. Myrtus Residences, Geroskipou, Paphos Cyprus

Cyprus property Sales Increase 21% in the month of July

THE NUMBER of property sales contracts deposited at Land Registry offices across the Republic of Cyprus during July 2018 rose 21 per cent compared to July 2017 according to official figures published by the Department of Lands and Surveys. This follows increases of 2% in June, 23% in May and 29% in April. During July a total of 896 contracts or the sale of residential and commercial properties and land (building plots and fields) were deposited at Land Registry offices across Cyprus, compared with the 758 deposited in July 2017. Of the 896 contracts deposited, 426 (48.7%) were for properties purchased by non-Cypriots. The figures show a continuing improvement in the economic conditions, coupled with government measures such as the citizenship by investment scheme (aka Passports for Cash scheme.) (The figures include an unspecified number of properties acquired by banks as part of loan restructurings.) Sales rose in all districts. In percentage terms Nicosia led the way with sales rising by 42% followed by Paphos, where sales rose by 27% and Limassol, where sales rose 17%. Sales in Larnaca and Famagusta rose by 9% and 3% respectively.

Total Property Sale Contracts – 2017/2018 Comparison

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