Cyprus Property Sales Up in November

November saw property sales in Cyprus rise by 39 per cent year-on-year compared to November 2016.

All districts in Cyprus saw increased sales according to the latest official figures released by the Cyprus Department of Land and Surveys.

The latest rise shows the property market recovery continuing to strengthen, following year-on-year rises of 18 per cent in October, 8 per cent in September, and 27 per cent in August.

November saw a total of 906 sales contracts for residential and commercial properties deposited at Land Registry offices across Cyprus, compared with the 651 deposited in November 2016.

Sales were up in all districts in November, with Famagusta leading the way with a huge increase of 174 per cent. The capital, Nicosia, also saw a huge gain of 98 per cent.

The popular tourist areas of Larnaca, Limassol and Paphos, favourites for overseas property investors, rose by 32 per cent, 29 per cent and 16 per cent respectively.

2017 has seen an increase in property sales of 21 per cent nationwide in Cyprus from January to November, compared to the same period in 2016.

The only district to experience a slight decline in sales over the eleven-month period is Larnaca, down 4 per cent. However, sales in other districts have more than made up for this, with Famagusta up 32 per cent, Nicosia increasing by 31 per cent, Limassol seeing a 28 per cent rise, and Paphos recording an increase of 26 per cent.

It is thought that government action to reduce Property Transfer Fees and abolish Immovable Property Tax has helped encourage the increased property sales figures. Non-EU citizens looking to obtain residency or a Cypriot passport through property ownership is also thought to have had an influence.

British overseas property investors, for whom Cyprus has long been a favourite destination, will be pleased to see the prolonged recovery of the Cypriot property market.