August Sees Continued Growth in Foreign Property Transactions

As published by the Department of Lands and Surveys, compared to the same time last year, property sales to overseas buyers in Cyprus have risen by 65% in August of 2017.

As per data from the Cyprus Land Registry, out of the nearly 600 real estate sale agreements submitted to the registry in August, roughly 70% came from local buyers, while about 30% were submitted by buyers from abroad.

Foreign Real Estate Transactions

Property sales have risen throughout Cyprus this August (sans Nicosia, where the growth is roughly equivalent to last year’s), with Famagusta topping the charts with a 144% boost. Larnaca, Paphos, and Limassol follow with sales numbers increasing by 79%, 65%, and 46%, correspondingly.

Based on official data, foreign property sales numbers for 2017 so far are all either higher or roughly equivalent to numbers for corresponding months in 2016, and this trend holds true for all regions on Cyprus.

Overseas market real estate sales in 2017 have grown by 44% when compared to the same time in 2016, totaling at 1,413 sales transactions for this year thus far. The addition of 75 more deed transfers in August has also brought the number of transferred properties for 2017 to just over 600.

Local Real Estate Sale Agreements

Things are looking good for property sales to locals in Cyprus as well, with the domestic total rising in August by 15% compared to last year.

Region-wise, Larnaca, Paphos, and Famagusta have seen light drops in sales (6%, 8%, and 22%), but the gains in Nicosia (at 21%) and Limassol (at 58%) compensate for that nicely.

Local property sales numbers for 2017 so far are also up across the board compared to 2016, with only a few months out of the year showing slightly lower numbers in a few regions, which doesn’t prevent the overall boost across all regions when the stats are tallied up.

Up to this point, 2017 has seen a 13% rise in local real estate sales (with a total of just over 3,500) compared to last year. Note, however, that there’s no way to know how many of these transactions are initiated by banking institutions as part of various debt-related operations, so the trends should be taken with a grain of salt (as always).

Overall, the numbers for both local and foreign real estate sales in Cyprus are climbing to meet those from last year quite reliably, while the percent of foreign sales is already higher at this point in 2017 than it was for the entirety of 2016, indicating upward momentum.

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