Cyprus Property Prices rocket as foreign investors return.
- Jun 17, 2017
- 1 min read
The surge in Cyprus property sales was helped significantly by a more than 300% increase in sales to overseas property investors according to official figures.
MAY Cyprus property sales to overseas property investors more than treble compared to May 2016 according to the Department of Lands and Surveys. Of the 756 contracts for the sale of Cyprus property that were deposited at Land Registry offices across Cyprus in May, 496 (66%) were deposited by Cyprus purchasers and 260 (35%) were deposited by overseas property investors.
Cyprus property sales rose in all districts. In Famagusta, where 0 property was sold in May 2016, 11 properties were sold in May 2017. Sales in Paphos rose 533%, while sales in Limassol rose 405%. Meanwhile overseas sales in Larnaca and Nicosia rose 330% and 7% respectively.
During the first 5 months of 2017 the number of Cyprus property sales to the overseas market has risen 59% compared to the first 5 months of 2016.
Domestic property sales Sales of Cyprus property to the domestic market in May rose by 19% compared to May 2016. Although sales in Larnaca and Paphos fell by 18% and 16% respectively, they rose by 60% in Limassol, 51% in Nicosia and 13% in Nicosia.
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