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Author: Stelios Orphanides - cyprusbusinessmail.com

Category: Press

Publication: 07 September 2016


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Cyprus - August property transactions rise 50%, on boost from foreign buyers

Cyprus News

The number of real property assets that changed hands in August rose an annual 50 per cent to 451, the best-performing August since 2011, on a strong increase in the number of transactions reported from almost all districts and increased external demand, the Department of Lands and Surveys said.

In August, most transactions took place in Paphos and Limassol where they rose 55 per cent to 136 and 48 per cent to 129 respectively, the department said in a statement on its website on Monday.

The number of property transactions in Nicosia rose in August an annual 73 per cent to 64 while those in Famagusta almost tripled to 41, the department said. In Larnaca, the number of properties which changed ownership rose 8 per cent to 81.

In January to August, the overall number of property transactions rose 30 per cent to 4,088, which also include properties acquired and subsequently re-sold by banks as part of loan restructuring agreements, the department said.

According to a separate statement, the total number of properties acquired by non-Cypriots in August was 56, which is 24 per cent more compared to the respective month of 2015. In January to August, the number of properties sold to foreign buyers rose 68 per cent to 593.

Overall, foreign buyers focused their purchasing spree in the first eight months of the year mainly in Paphos, Limassol and Nicosia, where they bought a total of 179, 178 and 110 properties respectively, 72 per cent, 82 per cent and 144 per cent more compared to the respective period of 2015, the land department said. Purchases by foreign buyers in Larnaca rose 32 per cent to 103 while in the Famagusta district they fell 18 per cent to 23.