Local
articles | 04 January 2017

Cyprus' property sales jump 43% in 2016

The number of immovable property sales contracts deposited at the Land Survey Department (LSD) reached relatively high numbers for 2016, making it the largest increase year on year in the past decade.

Immovable property sales surpassed 7,000 and recorded an annual increase of 43%, jumping from 4,952 sales contracts in 2015, to 7,063 in 2016.

It’s worth noting that in 2013 the number of sales contracts was at its lowest point (3,767) while during the real estate bubble in 2007 sales of immovable property had reached 21,000. In 2008 the number of sales contracts dropped to 14,667, an annual decrease of 44%. Since 2013, sales contracts are on the rise.

It is, however, uncertain whether the number of sales contracts will reach the high levels of ten years ago.

December sale contracts spiked 121% reaching 1,134 in 2016 from 513 in December 2015. Sale contracts submitted in Limassol increased by 59% reaching 2,496 in 2016 compared with 1,556 in 2015.

Meanwhile in Paphos, sale contracts in 2016 amounted to 1,740 from 1,241 in 2015 rising by 40% year on year.

Sale contracts submitted to the Nicosia LSD district office amounted to 1,031 from 749 in 2015 marking an increase of 38%.

In Famagusta, sale contracts rose by 35% amounting to 435 in 2016 from 324 in 2015.

Sale contracts in Larnaca reached 1,360 in 2016 from 1,072 in 2015 recording an increase of 27%.

Source: InCyprus

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