The increase in property transactions in December, ahead of the introduction of 19% value added tax (VAT) rate on land plots in January, was mainly on an annual 113% increase to 306 of the number of properties sold to new owners in Nicosia, the department said. Most transactions took place again in Limassol and their number rose 23% to 532.

In Paphos, property transactions rose 10% to 349, in Larnaca 18% to 181 and in the Famagusta district 94% to 169, the department said.

Throughout 2017, the number of transactions rose island-wide 24% to 8,734, which is again the highest figure since 2008, the department said.

The number of real estate assets acquired by new buyers rose 42% last year to 1,464 in Nicosia, 27% to 3,167 in Limassol, 44% to 628 in Famagusta and 23% to 2,135 in Paphos, the land department said. In Larnaca, they fell 1% to 1,340.

The above figures also include properties acquired by banks as part of loan restructuring agreements. In September 2015 to April 2017, the total number of properties affected by loan restructurings was 1,121 island-wide and its value was €575.7m, according to the department.

Source: Cyprus Mail