articles | 26 May 2016

Cyprus coastal property transactions rise in April 2016

The number of property transactions rose 35% in April 2016, compared with the respective month of 2015, boosted mainly by sales in Limassol and Larnaca and external demand.

According to the Department of Lands and Surveys in the Nicosia district, the number of properties that changed hands last month dropped an annual 10% to 79, the department said in a statement on its website on Wednesday.

In the Limassol and Larnaca districts, the number of transactions rose 44% to 166 and 90% to 127 respectively, the department said. In the Famagusta district, property transactions reported to authorities rose 106% to 35 and in Paphos 14% to 107.

According to a separate document on the website of the Department of Land and Surveys, the number of foreign property buyers in April, more than doubled to 98 from 45 a year before.

In January to April, the number of real properties that changed owners rose 27% to 1,881, compared with the respective period in 2015, the department said. The above figures also include properties acquired by banks as part of loan restructuring agreements. The number of properties acquired by foreigners in the first four months of 2016 rose 70% to 273 compared with the respective period of 2015.

Source: Cyprus Mail

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