Sales growth in cypriot real estate and property market

The Land Registry Department of Cyprus has issued its monthly report of the property sales record for June 2014. This report clearly shows that sale record of the real estate throughout this month has increased by 51% compared to June last year. For the fourth month in a row an activity of intensive buying has been observed on the island. The amount of contracts that was registered for purchase of the real estate for the first month of summer has reached 403 compared with 267 registered in June 2013. This number includes contracts for sale of commercial, residential property and land.

Sales growth has been observed in all regions of the country: in Larnaca by 103%, in Limassol by 88%, in Paphos by 21% and in Famagusta by 13%.

During the first half of the year 2014 the number of dealings has increased by 34% compared with the first half of 2013.

For many overseas buyers, buying property in Cyprus is a great chance to get a residence permit.