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.
