The steady and impressive growth in Cyprus real estate sales has kept its momentum in February, with the number of properties that changed hands increasing in almost all districts (save Larnaca). That is the picture drawn by the numbers that were announced recently by the respective authorities, namely the Department of Lands and Surveys of Cyprus.
According to the Department’s latest report, the property sales contracts that were deposited at Land Registry offices in February increased by 46% compared to 2017. Let it be noted that an even higher increase, namely by 64%, was recorded in January, 36% in December, 39% in November and an 18% rise in October. Seen all together, the surge is both steady and significant.
In February, 666 contracts or the sale of residential and commercial properties and land (building plots and fields) were deposited at Land Registry offices across the island – a lot more than the 456 recorded during February 2017. In fact, this year’s figures consist the highest record the last 8 years (more than 700 in February 2010).
Even though sales in Larnaca decreased by a mere 1%, their increase across the rest of Cyprus far outweighed it. Famagusta came first, with a rise of 174%, leaving Paphos far behind (87%). Sales in Limassol increased by 45%, while in Nicosia by 32%.
Last January and February saw the number of contracts for the sale of property deposited at Land Registry offices rising by 55% against the respective months of 2017 - 1,361 in total. Famagusta scored the peak rate, 150%, Paphos came second by 79%, Nicosia third (67%), and Limassol fourth, by 56%. The smallest recorded rise, by 4%, was seen in Larnaca.
Updated Sales Statistics
Out of 666 contracts, 306 (46%) were deposited by local buyers, and 360 by foreigners, marking a drastic surge in the number of sales abroad – which real estate experts find it hard to explain. Nonetheless, as stated by the official website of the Cypriot Department of Lands & Surveys, the mode sales statistics are shown regarding purchasers from abroad has changed, integrating an ameliorated coding method, whose details, sadly enough, were not announced.
Moreover, the Department urged all those interested in avoiding comparing the numbers concerning foreign purchasers in 2018 with the ones of previous years, since this year’s change of coding method makes such comparisons inaccurate by default.
Confidently, soon further information will be shared until the end of the month.
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