The Cyprus property recovery is underway with the latest figures showing that prices for villas and flats are increasing and Cyprus property sales are also rising.
The latest figures shows that the number of properties sold in Cyprus during June rose 28 % compared to June 2016 with Cyprus property sales increasing in all districts with the exception of Larnaca according to official figures.
This increase follows a 59% increase in May, a fall of 2% in April and a 16% increase in March During June a total of 843 contracts for the sale of Cyprus residential and commercial properties and land (building plots and fields) were deposited at Land Registry offices across Cyprus, compared with the 657 deposited in June 2016. Of those 843 contracts, 635 (75%) were deposited by Cypriot purchasers and 208 (25%) were deposited by overseas property purchasers. Although the number of Cyprus property sales contracts in Larnaca fell by 20%, they rose in the remaining four districts. Cyprus property sales in Nicosia (the capital) rose 65% compared to June 2016, while sales in Limassol, Famagusta and Paphos rose 37%, 35% and 28% respectively.
During the first half of 2017, sales contracts have risen 20% compared to the first half of 2016. (An unknown number of property sales contracts relate to ‘non-sale’ agreements such as loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers. These contracts inflate the total figures above and the domestic sales figures below.)
Domestic Cyprus property sales
Property sales to the domestic (Cypriot) in June rose 37% compared to June 2016 with sales rising in all districts with the exception of Larnaca, where sales fell 7%. Famagusta lead the way with sales up 343% compared to June 2016, followed by Nicosia (+63%), Limassol (+40%) and Paphos (+25%).
During the first half of 2017, domestic have risen 13% compared to the same period last year reaching a total of 2,621.
Overseas Cyprus property sales
Property sales to the overseas (non-Cypriot) market during June 2017 rose 7% compared to the same month last year with 208 contracts of sale deposited compared with 195 in June 2016. While sales in Nicosia and Famagusta fell by 44% and 42% respectively, they rose 100% in Nicosia, 37% in Paphos and 28% in Limassol.
During the first half of 2017, property sales to the overseas market have risen 44% compared with the same period last year reaching a total of 208.