The property sales in December increased by 121%

December 2016 saw the largest amount of property sale and purchase deals in Cyprus since September 2008.

According to the Land Registry Department, December 2016 was marked by a 121% increase compared to its previous year counterpart. For reference, similar comparisons in November demonstrated a 46% rise, while October and September demonstrated 37% and 50% surges respectively. As for the entire year, it saw a PPP rising by 43%, thus becoming the largest yearly surplus of the past decade, according to Cyprus Property News.

The possible reason for such economic growth within the sector is strongly tied to a new law, which alleviates the taxes from property capital dividends.

In 2007, an overall number of 21 245 sale and purchase deals were fixed, while 2013 was characterized by their lowest number, just at 3 767. 2014 was a turning point, rising the figures by 20%, the trend continued in 2015 (9% rise and 4527 transactions) and in the past year, that witnessed 7 073 property fixtures.