Property sales up 44%. Paphos still the No1.

The number of properties sold in Cyprus during September rose by 44% compared to September 2015 according to the latest official figures published by the Department of Lands and Surveys.

PROPERTY sales in Cyprus increased by 44% in September compared to September last year according to the latest official figures published by the Department of Lands and Surveys.

During September a total of 556 contracts for the sale of commercial and residential properties and land (building plots and fields) were deposited at Land Registry offices across the island; an increase of 44% over the 385 sold in September last year.

September’s increase follows a 50% increase in August, a 26% increase in July, and a 42% increase in June.

Of those 556 contracts, 77% (427) were deposited by domestic (Cypriot) purchasers, while 23% (129) were deposited by overseas (non-Cypriot) purchasers. The number of contracts includes ‘non-sale’ agreements such as loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers. As these ‘non-sale’ agreements are not recorded separately, there is no clear picture of the actual demand for property in the domestic (Cypriot) market.

During September sales rose in all district compared with September 2015. In percentage terms:

Sales in Limassol rose 71% Sales in Larnaca rose 42% Sales in Paphos rose 40% Sales in Nicosia rose 25% Sales in Famagusta rose 7%.

Read more at: http://www.news.cyprus-property-buyers.com/2016/10/05/property-sales-44-per-cent/id=00151670
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