Cyprus Property Sales Increased by 37% in October 2016
- Nov 5, 2016
- 2 min read
Cyprus Property sales increased by 37% in October 2016, compared to the same month last year, a continuation of the trend of increasing sales mostly since February of the current year.
Cyprus Property Sales during the period January-October 2016 recorded an increase of 32% (3,993 last year, 5,278 this year).
Sales contracts submitted to the Cyprus District Land Registry offices reached 634 in October 2016 compared to 463 in October 2015, an increase of 37%. During the previous two months, August and September, the increase in sales had reached 50% and 44% respectively.
By district, the largest increase in sales in October 2016 (63%) was recorded in Limassol. Famagusta follows at 62%, Larnaca 28%, Nicosia 25% and Paphos at 8%.
Limassol also recorded the largest increase (44%) for the period January-October 2016 compared to the same period last year, followed by Famagusta at 33%.
Cyprus Property Sales to foreign buyers recorded an increase of 45% in October (111 last year, 161 this years), with most sales having been conducted in Limassol, reaching 68. Paphos follows with 43, Larnaca 30, then Nicosia and Famagusta with 10 each.
Year to date performance
During the first 10 months of 2016 Cyprus property sales have risen 32% to reach 5,278 compared with 3,993 during the first 10 months of 2015. Sales have increased in all districts. Cyprus Property Sales in Limassol have risen 44% and by 33% in Famagusta, while sales in Larnaca, Nicosia and Paphos have risen by 29%, 26% and 24% respectively.
Domestic Cyprus property sales
Domestic Cyprus property sales in October rose 34% compared to October 2015, with sales reaching 473 compared with 352 in the same month last year. In percentage terms Limassol led the way with sales rising by 59% compared to October last year, while sales in Famagusta rose by 54%. Meanwhile, domestic sales in Larnaca, Nicosia and Paphos rose by 37%, 17% and 1% respectively.
Domestic Cyprus property sales during the first ten months of 2016 are up 37% compared with the first nine months of 2015 with sales reaching 4,007 compared with 2,917 during the corresponding period last year. Sales have risen in all districts. Sales in Limassol have risen by 43%, while sales in Famagusta have risen by 42%. Sales in Paphos, Larnaca and Nicosia have risen by 39%, 35% and 27% respectively.
Overseas Cyprus property sales
Overseas Cyprus property sales during October rose 45% compared with October 2015 with 161 properties sold compared with 111 in the same month last year. During October sales rose in all district compared with October 2015. In percentage terms Nicosia led the way with sales up 150% followed by a 100% increase in Famagusta, while sales in Limassol, Paphos and Larnaca rose by 74%, 23% and 7% respectively.
Overseas Cyprus property sales during the first ten months of 2016 sales to the overseas market are up 18% compared with the first ten months of 2015 with sales reaching 1,271 compared with 1,076 during the corresponding period last year.
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