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Cyprus property sales go up

2017 year was the fourth consecutive year, when real estate sales in Cyprus grew. According to the Department of Land Resources, last year it was sold at 24% of objects more than in 2016. In turn, the growth in 2016 year was 43%, in 2015-m - 9%, and in 2014-m - 20%.

In December 2017, 1 537 contracts for the purchase and sale of residential and commercial real estate, as well as land (including agricultural and construction sites) were registered in the department. For comparison, in December 2016-th of them was 1 134. Thus, the annual growth in December was 36%, and the largest number of objects was sold since July of the year 2008. Sales grew in all regions. Leaders were Nicosia and Famagusta, where growth reached 113% and 94%, respectively. They are followed by Limassol (23%), Larnaca (18%) and Paphos (10%).

In general, for 2017 year in the Department of Land Resources 8 734 purchase and sale agreements were registered, which is 24% more than 2016 year (7 063) and is the biggest value since the collapse of the real estate market in 2008. Despite the fact that in annual terms, sales in Larnaca declined by 1%, in all other regions they grew: in Famagusta by 44%, in Nicosia by 42%, in Limassol by 27%, in Paphos by 23%.

A source: Successful business

Tags: Cyprus Real Estate, Economics, Statistics