Cyprus property sales continue to grow

During July 2014 there was an increase in real estate sales in Cyprus. The amount of contracts that was deposited at the Land Registry office this month has reached a total of 407 for the sale of commercial property, residential property and plots of land, which is 15% more if compared to 354 contracts deposited in June 2013. Most of the property was purchased by domestic buyers (77%) and only 23% by foreigners.

In Famagusta there was a record of 64% increase in property sales. While sales in Paphos have increased by 50%, and those in Larnaca and Limassol by 31% and 17%. The only town where the sales have dropped down is Nicosia. The amount of sales contracts that was deposited in Nicosia has decreased by 31%.

Overall, the first seven months of the year 2014 have reached an amount of 2620 deposited contracts, which is 23% more than a number of 2123 which was deposited during the same period last year.