Property prices and sales recovering in Cyprus, official figures show

Property sales in Cyprus have taken off over the summer months with sales up 18% year on year in September, the latest official transactions figures show.

This comes on the back of a rise of 27% in August, an 18% increase in July and a 28% rise in June, according to the data from the Department of Lands and Surveys (DLS).

Separate figures from the Republic of Cyprus Statistical Service show that prices are also recovering, up on average by 3.1% in the second quarter of 2017 compared to the same period in 2016 and up 3.6% year on year.

Prices have been rising year on year now for almost a year. On an annual basis prices fell by 1.4% in the second quarter of 2016 and by 0.6% in the third quarter. The fourth quarter of 2016 saw prices rise by 3.2% and growth continued in 2017 with a rise of 2.4% in the first quarter.

But the recovery in the Mediterranean island’s real estate market is sporadic as far as sales are concerned, a breakdown of the DLS data shows. For example, sales in Larnaca fell by 12% in September compared with September 2016 and increased by just 4% in Limassol and 7% in Nicosia. But there was a substantial rise of 78% in Paphos.

The summer growth means that for the first nine months of 2017 transactions have increased by 19% compared to the same period in 2016.

The figures also indicate that more overseas buyers are now returning to the Cyprus market with sales to buyers from abroad up by 24% in September year on year. Limassol saw sales to foreign buyers fall by 6% but elsewhere the numbers increased.

Nicosia saw the number of sales to overseas buyers rise by 15% year on year, they increased by 66% in Paphos, by 40% in Famagusta and by 10% in Larnaca. Overall sales to foreign buyers increased by 42% in the first nine months of 2017.

Sales to Cypriot buyers increased by 3% but those in Larnaca fell by 19% and there was a fall of 4% in Nicosia. But sales to domestic buyers surged by 95% in Larnaca and increased by a more modest 2% in Paphos.

Separate figures from the Republic of Cyprus Statistical Service show that prices are also recovering, up on average by 3.1% in the second quarter of 2017 compared to the same period in 2016 and up 3.6% year on year.

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