July Cyprus Property Sales Up

July Cyprus property sales were up by 21 per cent year-on-year compared to July 2017 according to the Cyprus land registry.

With the number of property sales contracts deposited at Land Registry offices showing a strong rise of 21 per cent in July Cyprus continues to exhibit a strong recovery in the property market.

The official figures published by the Department of Lands and Surveys for July followed increases of 2 per cent in June, 23 per cent in May, and 29 per cent in April.

During July Cyprus registered a total of 896 contracts for the sale of residential and commercial properties and land (building plots and fields) deposited at Land Registry offices across Cyprus, compared with the 758 deposited in July 2017.

Overseas property investors had a big influence on the figures, with 426 (48.7 per cent) of the total being for properties purchased by non-Cypriot buyers.

July Cyprus property sales rose in all districts of the republic, with the capital Nicosia leading the way.

Nicosia saw property sales rise by 42 per cent, followed by the popular tourist destination of Paphos with a rise of 27 per cent.

Limassol saw sales of real estate up by 17 per cent year-on-year, whilst sales in Larnaca and Famagusta rose by 9 per cent and 3 per cent respectively.

The latest July Cyprus property sales figures continue the positive upward swing that has seen transactions rise by 23 per cent in the first seven months of 2018 to 5,366 compared to the 4,349 deposited during corresponding period of last year.

Overseas property investors have accounted for 2,613 of the transaction total in 2018 so far, with 815 sales contracts deposited by EU nationals and 1,798 by non-EU nationals.

Paphos continues to be the most popular spot for overseas buyers with sale contracts reaching 1,020, followed by Limassol with 785, Larnaca with 399, Famagusta with 269 and Nicosia with 140.