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Property sales increased 25 percent in Cyprus

Staff writer |
Property sales in the first five months of this year were up by a substantial 25% compared to the same period of 2015, according to the Land Registry.

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A significant increase in the actual transfer of properties during the same period is also recorded.

sales contracts submitted at the Land Registry across Cyprus in the first five months of 2016 reached 2,355 compared to 1,884 at the same period last year.

In May property sales were up by 17% with 474 sales contracts submitted in relation to 405 in May 2015. The data for May show that Larnaca sales boomed with an increase of 51%. Sales were up in most districts, with Paphos following with 26%, Famagusta with 14% and Limassol with 7%. However Nicosia property sales dipped in May by 5%.

District data for the first five months of the year shows Famagusta as the overall frontrunner with an increase of 52%. It is followed by the districts of Larnaca (36%), Limassol (29%), Paphos (16%) and Nicosia (8%).

The number of property transfer cases which took place in May were 998 and regarded 1,123 blocks, with the total stated amount coming to €218,329,262 and the total accepted amount coming to €233,199,848.

In May 2015 the number of property transfer cases were 858 and regarded 920 blocks, with the total stated amount for the transfers coming to €163,799,456 and the total accepted amount coming to €172,172,909.

In the first five months of 2016 the number of property transfer cases were 4,605 and regarded 5,454 blocks, with the total stated amount for the transfers coming to €1.2 billion and the total accepted amount coming to €1.33 billion.

In the first five months of 2015 the number of property transfer cases were 3,379 and regarded 3,697 blocks, with the total stated amount for the transfers coming to €635.5 million and the total accepted amount to €679.79 million.