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REAL ESTATE

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Property Sales Rise in August

Property Sales Rise in August

Property sales in Cyprus increased by 50 per cent in August compared August last year according to the latest official figures published by the Department of Lands and Surveys.

During August a total of 451 contracts for the sale of commercial and residential properties and land (building plots and fields) were deposited at Land Registry offices across the island; up 50% from the 496 sold during August last year, Cyprus Property News reports.

Of those 451 contracts, 69% (346) were deposited by domestic (Cypriot) purchasers, while 31% (105) were deposited by overseas (non-Cypriot) purchasers. The 50% increase in August follows a 26% increase in July, 42% increase in June and a 17% increase in May.

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 market.

Sales rose in all districts with Famagusta leading the way with sales up 193% compared to August 2015. Sales in Nicosia rose 73%, while sales in Paphos, Limassol and Larnaca rose by 55%, 48% and 8% respectively.
 

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