Property sales grew up by 22 per cent In July

A total of 496 contracts for the purchase of commercial, residential properties and land plots in Cyprus were deposited at Land Registry offices during July; overall, there was a total increase by 22%. 

In comparison to last year, there were 407 contracts deposited in July 2014. Of those 407 contracts, 71% (350) were deposited on behalf of domestic buyers, while 29% (141) were deposited on behalf of overseas buyers. Such improvement in the property market has followed due to the reduction of the Property Transfer Fees. 

The sales in all districts rose apart from Nicosia. The capital is the only district that made an exception this year, where property sales declined by 7.7% if compared to July last year, In percentage terms Famagusta performed best with sales rising 96% with 45 sales compared to the 23 sold in the same period last year, while sales in Larnaca, Paphos and Limassol rose by 32%, 30% and 12% respectively.