The Cyprus property recovery is underway with the latest figures showing that prices for villas and flats are increasing and Cyprus property sales are also rising.
Property sales in Cyprus rose 18 % in July compared with July 2016 with sales increasing in all districts (with the exception of Larnaca) according to official figures from the Cyprus Department of Lands and Surveys.
This rise follows a 28% increase in June, a 59% increase in May and a fall of 2% in April. During July a total of 739 contracts for the sale of Cyprus residential and commercial properties and land (building plots and fields) were deposited at Land Registry offices across Cyprus, compared with the 625 deposited in July 2016. Of those 739 contracts, 488 (66%) were deposited by Cypriot purchasers and 251 (34%) were deposited by overseas purchasers. This is a sharp rise in the number of overseas purchasers that usually average f 27%. Although the number of sales contracts in Larnaca fell by 16% compared with July 2016, they rose in the remaining four districts. Sales in Famagusta rose 119%, while sales in both Nicosia and Limassol rose 22%, while sales in Paphos rose 20%.
During the first seven months of 2017, sales contracts have risen 20% compared to the same period last year. An unknown number of property sales contracts relate to ‘non-sale’ agreements such as loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers. Domestic property sales Property sales to the domestic (Cypriot) in July rose 12% compared to July 2016 with sales rising in all districts with the exception of Larnaca, where sales fell 32%. Famagusta lead the way with sales up 58% compared to July 2016, followed by Paphos (+26%), Paphos (+26%) and Limassol (+24%). Famagusta is popular with those living in Nicosia looking for a second home.
During the first seven months of 2017, domestic have risen 13% compared to the same period last year reaching a total of 3,109. Overseas property sales Property sales to the overseas (non-Cypriot) market during July 2017 rose 31% compared to the same month last year with 251 contracts of sale deposited compared with 191 in July 2016. Sales rose in all districts with Famagusta leading the way where they increased by 263%. Sales in Nicosia rose 88%, while those in Larnaca, Limassol and Paphos rose by 28%, 17% and 15% respectively.
During the first 7 months of 2017, property sales to the overseas market have risen 42% compared with the same period last year reaching a total of 1,240. During July a total of 87 properties were transferred to overseas buyers bringing the total number of transfers for the year to date to 543.