articles | 08 January 2015

Cyprus property sales increase for first time in four years

More than 4,000 properties were sold in Cyprus in 2014, a significant rise in comparison to 2013 and the first since 2010.

According to land registry data, the number of sale documents submitted rose to 4,527 against 3,767, an increase of more than 21%. Most of the properties were sold by Cypriots (3,334), with 1,193 EU and third country nationals buying the rest.

It is the first trend of its kind in four years, when property sales went up by 5.2%. Market experts predict a similar trend this year too, with the vice-president of Real Estate Agents Solomon Kourouklides telling Stockwatch financial web news that the rise is not due to anything positive, but the fact that banks are pressuring people into settling their debts and they are being forced to sell their properties.

This kind of pressure is expected to get worse in 2015. With foreign developers, the main interest is from China, as top investors expand their real estate interest to Europe.

By district in Cyprus, the highest increase was in the free Famagusta area with 37%, following by Limassol on a 35% rise in the sale of properties and Larnaca on 31%. Nicosia and Paphos are much lower with 6% rises on property sales. The percentage of property sales to foreign nationals rose by more than 17%.

Source: InCyprus

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