2017 a better year for property sales

For the fourth consecutive year Cyprus property sales rose during 2017 according to the latest official statistics published earlier today by the Department of Lands and Surveys in Nicosia.

Property sales in Cyprus rose 24 per cent during 2017 according to official statistics published by the Department of Lands and Surveys. This follows an annual rise of 43 per cent in 2016, 9 per cent in 2015 and 20 per cent in 2014.

During December 2017 total of 1,537 contracts for the sale of residential and commercial properties and land (building plots and fields) were deposited at Land Registry offices across Cyprus, compared with the 1,134 deposited in December. 2016; an increase of 36% and the highest number since July 2008. Sales rose in all districts. In percentage terms Nicosia (the capital) led the way with a rise in sales of 113% followed by Famagusta with an increase of 94%. Meanwhile sales in Limassol, Larnaca and Paphos rose by 23%, 18% and 10% respectively.  During 2017 a total of 8,734 contracts of sale were deposited compared with the 7,063 deposited in 2016; an increase of 24% and the highest number since the property bubble burst in 2008. Although sales in Larnaca fell by 1% over the year, they rose in all the other districts. Annual sales in Famagusta rose by 44% followed by Nicosia with a rise of 42%. Meanwhile property sales in Limassol and Paphos rose by 27% and 23% respectively.