Cyprus Property Sales up by 24% in first half of 2018, compared to corresponding period of 2017

Cyprus Property Sales up by 24% in first half of 2018, compared to corresponding period of 2017

Property sales have increased by 24% in the first half of 2018 on a national scale, compared to the first half of 2017. According to the Department of Lands and Surveys, the number of contracts of sale were 858 for the month of June, whilst for the first half of 2018, the total number of contracts of sale stood at 4,470 compared to 3,610 in the corresponding period of 2017 (http://portal.dls.moi.gov.cy/en-us/data-files/Documents/Contracts%20of%20Sale%202017-2018.pdf).

This increasing trend is demonstrated by the previous months of 2018, whereby the number of property sales in Cyprus continued to rise in May 2018 with the number of contracts of sale deposited at Land Registry Offices across the Republic were up 29 per cent compared with May 2017 (http://www.news.cyprus-property-buyers.com/2018/06/06/cyprus-property-sales-may/id=00154263).

In terms of data per district, in Larnaca and in the non-occupied area of Famagusta, the largest increase in property sales were recorded in June 2018 compared to the corresponding month of 2017. Particularly, in Larnaca the number of sales stood at 133 compared to 96 in June 2017, an increase of 33%, while for the first half of 2018, property sales stood at 656 compared to 599 in the corresponding period of 2017, marking an increase of 10%.

In the non-occupied area of Famagusta, 61 contracts of sale were submitted in June 2018 compared to 46 in June 2017, marking an increase of 33%, while in the first six months of 2018 the number of sales amounted to 332 compared to 193 in the first half of 2017, equivalent to an increase of 72% (http://portal.dls.moi.gov.cy/en-us/data-files/Documents/Contracts%20of%20Sale%202017-2018.pdf).

In the Nicosia District, contracts of sale amounted to 146 in June this year, compared to 162 in June 2017, down by 10%, while for January-June 2018, the contracts of sale rose to 784 compared to 584 in the corresponding 2017 period, reflecting a rise of 34%.

Contracts of sale in Limassol for June 2018, amounted to 338 compared to 304 in June 2017, recording an increase of 11%, while in the first half of 2018 the number of sales stood at 1,661 compared to 1,335 in the corresponding period of 2017, recording an increase of 24%.

A decline of 23% was recorded in contracts of sale in Paphos for June, as there was 180 compared to 235 in the corresponding month of 2017. For the period January – June 2018 the contracts of sale were 1,037 compared to 899 in the same period of 2017, highlighting an increase of 15%.

 

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