Local
articles | 05 October 2016

Cyprus' real estate continues upward trend in September 2016

The island's real estate market has continued on an upward trend in September 2016 on both an annual and monthly basis, data released by the Department of Lands & Surveys show.

According to the data contracts for the sale of immovable property throughout the island came to 556 in September, recording an increase of 44% compared to 385 in September 2015. In August this year 451 contracts of sale were submitted to the department.

For the period January–September 2016, the number of sales contracts on a pancyprian basis came to 4,644, recording an annual increase of 32%.

Limassol ranks first with sales contracts increasing by 41% to 1,545 compared to 1,094 at the same period last year. The coastal city’s upward trend was even more impressive (71%) on an annual basis this September alone (up from 114 sales contracts last year to 195 this year).

Second place is held by Larnaca and Famagusta with an equal increase of 29% in the first nine months of the year. Pafos and Nicosia follow both recording an increase of 26%.

According to the official data in the period January–August this year the number of the contracts for the sale of immovable property to foreign buyers came to 981 recording an increase of 16.6% from the corresponding period of 2015 (841).

Source: InCyprus

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