articles | 15 October 2015

Cyprus property market is recovering

The real estate market in Cyprus is on the recovery, following in the footsteps of the country’s overall economic activity.

Signs of recovery are now visible as sales of real estate are increasing, and property prices are breaking away from the lows of the last two years.

According to data by the Land Registry, real estate sales in September 2015 were up by 3% compared to the same month last year, while for the nine month period January-September the number of deeds of sale dealt with by the department rose year on year by 6% nationwide.

Property sales have been on the increase in all months since the beginning of the year with the exception of May and August.

More specifically, data shows 385sales in September 2015 compared to 373 in September 2014.

The highest increase, 63%, was recorded in the capital, with 65 properties sold against 40 last September.

In Larnaca, the rise in sales stood at 42% in September with 85 properties compared to last year’s 60.

There was also a significant rise of 20% in Famagusta in September, with property sales totalling 30 against last September’s 25.

On the other hand, Paphos property sales declined by 27% in September with a mere 91 transactions over 125 in September last year.

A decrease of 7% was also recorded in Limassol for the month of September with 114 transactions compared to 123 in the same month in 2014.

A total of 3,530 properties were sold in January-September 2015, compared to 3,328 in the previous year.

The highest rise in property sales was observed in Larnaca, with 760 title deeds changing hands in nine months as opposed to 557 the year before (36% increase).

Land Registry data show the number of foreign buyers in September increasing to 124 from 107 in September 2014, 965 for the nine-month period compared to 886 last year.

Source: InCyprus

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