Cyprus Property Sales Rise 21%

The total number of Cyprus property sales during November rose 21% compared with the same period last year according to official figures issued by the Department of Lands & Surveys.

During November a total of 446 contracts for the sale of commercial and residential properties and land (building plots and fields) were deposited at Land Registry offices across Cyprus, compared with the 370 deposited in November 2014, the Cyprus Property News mentions.

Of those 446 contracts, 69% (308) were deposited by domestic (Cypriot) purchasers, while 31% (138) were deposited by overseas (non-Cypriot) purchasers.

With the exception of Nicosia, where sales fell 18%, they rose in all other districts.

Property sales in Famagusta rose 65%, while sales in Larnaca rose 35%. Sales in Limassol and Paphos rose by 33% and 14% respectively.

With the exception of Larnaca, where sales fell by 1%, sales rose in all the other districts. Sales in Nicosia rose 64%, while sales in Paphos went up 30%. Sales in Limassol and Famagusta rose by 28% and 4% respectively.

According to Cyprus Property News, property sales during the first eleven months of 2015 are up 9% compared with the same period last year with the number of properties sold reaching 4,439 compared to 4,074 in 2014. The number of sales in Nicosia and Famagusta remain unchanged, while sales in Larnaca, Limassol and Paphos have risen 32%, 8% and 3% respectively.

However, non-performing real estate loans remain a serious challenge to the market. According to KPMG’s Property Lending Barometer 2015, Cyprus has the highest number of impaired real estate loans of all the European countries. Almost 70% of its real estate loans are non-compliant (59% serious and 11% minor impairment).

The number of properties purchased by Cypriots in November rose 11% compared to November 2014, while property sales to the overseas market rose 48% in November compared to the same period last year.


Source: Goldnews

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