The number of property sales in Cyprus continued their upward trend in October with sales rising by 37 per cent compared to October 2015 according to official figures from the Department of Lands and Surveys.
During October a total of 634 contracts for the sale of commercial and residential properties and land (building plots and fields) were deposited at Land Registry offices across the island compared with the 463 deposited in October last year.
October’s increase follows a 44% increase in September, a 50% increase in August, and a 26% increase in July.
Of those 634 contracts, 75% (473) were deposited by domestic (Cypriot) purchasers, while 25% (161) were deposited by overseas (non-Cypriot) purchasers.
The number of contracts includes ‘non-sale’ agreements such as loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers. As these ‘non-sale’ agreements are not recorded separately, there is no clear picture of the actual demand for property in the domestic (Cypriot) market.
During October sales rose in all district compared with October 2015. In percentage terms Limassol led the way with sales up 63%, followed closely by Famagusta with a 62% increase, while sales in Larnaca, Nicosia and Paphos rose 28%, 25% and 8% respectively.