Cyprus Property Sales Rose in 2017

Cyprus property sales rose in 2017 for the fourth consecutive year, confirming the continuation of the Cyprus property market recovery.

The latest official statistics published by the Department of Lands and Surveys in Nicosia confirmed that Cyprus property sales were up by 24 per cent last year.

The latest rise in Cyprus property sales follows rises of 43 per cent in 2016, 9 per cent in 2015 and 20 per cent in 2014.

These latest positive sales figures come despite the continuing problems with property title deeds that the government is trying hard to sort out, implying that a further boost could come once a remedy is found.

The final month of 2017 saw a total of 1,537 contracts for the sale of residential and commercial properties and land, representing a 36 per cent year-on-year increase from December 2016.

Sales rose in all districts in December, with Nicosia (the capital) leading the way in percentage terms with a rise in sales of 113 per cent, followed by Famagusta with an increase of 94 per cent. Meanwhile sales in Limassol, Larnaca and Paphos rose by 23 per cent, 18 per cent and 10 per cent respectively.

On an annual basis 2017 saw 8,734 contracts of sale deposited, an increase of 24 per cent from the 7,063 seen in 2016, and the highest figure seen since the global financial crisis in 2008.

Only Larnaca saw a decrease in sales during 2017, down 1 per cent over the year. All other areas saw increased activity, led by Famagusta and the capital Nicosia.

Annual sales in Famagusta rose by 44 per cent followed by Nicosia with a rise of 42 per cent. Meanwhile property sales in the popular tourist resorts of Limassol and Paphos rose by 27 per cent and 23 per cent respectively.

British overseas property investors have a long association with Limassol and particularly Paphos. Now may be the time to rekindle that bond.