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Cyprus Real Estate Sales See Near 40% Boost in November

Good news for the Cyprus real estate market, as November property sale figures show a 39% increase over the same time last year. This sizeable boost comes on the heels of the 18%, 8% and 27% boosts over the three preceding months.

The month of November saw just over 900 residential/commercial property and land purchase agreements filed with the Cyprus Land Registry, which is a stark contrast to the number from last year, which didn’t even reach 700.

The increase in sales occurred across all regions, with Famagusta leading the way (174% rise), followed by Nicosia (98%), Larnaca (32%), Limassol (29%) and Paphos (16%).


Real Estate Purchase Agreements for 2017

 

Region

January

February

March

April

May

June

July

August

September

October

November

Limassol

132

177

232

192

298

304

289

201

203

306

321

Paphos

96

87

162

136

183

235

184

160

148

183

212

Larnaca

102

100

113

69

119

96

103

88

107

111

151

Nicosia

72

73

79

80

118

162

124

76

87

117

170

Famagusta

21

19

40

29

38

46

59

47

57

51

52

TOTAL

423

456

626

506

756

843

739

572

602

768

906

 

NOTE: These figures are cumulative for all transactions, including various loan recovery, restructuring, and swaps.


For the period of January to November this year, sales have risen just over 20% (reaching 7,191 currently) when compared to 2016, and while Larnaca has seen a 4% overall drop in sales, the other regions have more than made up for that, with Famagusta and Nicosia seeing sales boosts of over 30%, with a 28% rise in Limassol and 26% for Paphos.

By all accounts, property sales are booming due to the removal of the Immovable Property Tax and the lowering of fees related to property transfers. Much of the real estate activity is coming from parties from outside the EU choosing to make use of these recent incentives.

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LAR-ELA001
€ 290,000
8054 2 bedrooms
Larnaca / Mackenzie