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Good News For Property Sales

Property sales have increased by 26% across Cyprus in July 2016 in comparison to sales figures in the same period in 2015.

Department of Land and Surveys has released the final property sales figures for July 2016 which show a healthy growth in sales with total of 625 contract recorded (this included sale of commercial and residential properties and building plots and fields). Of those, more than half (69%) were deposited by the domestic (Cypriot) buyers, whilst 31% (191) were deposited by overseas purchasers (non-Cypriots purchasers).

Limassol led the property buying surge   and achieved 156 sales in July 2016 (to Cypriots) and 64 sales to overseas buyers.  It is also important to note that the foreign segment has nearly doubled from the year before (33 sales in July 2015).

Paphos, on the other hand, fares differently. There were 74 sales to Cypriots market segment   (83 sales in 2015) whilst the overseas segment registered 79 properties, an increase of 39% on 2015).  From the statistics perspective it is important to note that for the first time in 2017 the sales to the domestic segment is almost parallel to the sales to the overseas segment (74 to 79).

In the last 6 months the domestic market sales simply dwarfed the sales to overseas buyers.  However in July this trend has been broken and Paphos can rightly claim the First Position where overseas sales are greater than sales in the domestic segment.  This signifies a very important as well as a very promising change for Paphos …