Property sales jump 20% H1 2017
The first half of 2017 marked significant increases in the sale of real estate, with sales constantly rising and exceeding expectations.
According to data from the Land Registry, the number of sale documents submitted to the district land registry offices during the period January-June 2017, reached 3,610 compared to 3,012 during the same period of 2016, recording a 20% increase.
Just in June, sales increased by 28%, reaching 843 compared to 657 the same month last year.
At the same time, sales to foreign buyers increased in June by 6.7%, reaching 208 compared to 195 in June 2016. The increase during the first six months reaches 44%, with the sales to foreign buyers reaching 1,000.
Sales in the Limassol district during the first six months of 2017 reached 1,335 compared to 1,0001 during the same six months in 2016, showing an increase of 33%. Topping the list of cities in number of sales, Limassol counted 304 sales in June compared to 222 in June last year, an increase of 37%.
Sales documents in Paphos increased by 29%, having reached 899 during the first six months of 2017, compared to 697 during the same period of 2016. In June, sale of real estate in Paphos reached 235 compared to 183 in June last year, an increase of 28%.
Sales in Larnaca dropped 9%, reaching 599 in the first six months of the year compared to 657 in the first six months of the previous year. Likewise, June was not kind to Larnaca, with sale documents receding by 20% to reach 96 compared to 120 in the same month of 2016.
Contrarily, Nicosia saw an increase of 23% during the first six months of 2017, reaching 584 sales compared to 474 in the same period last year. In June the sale documents increased by 65% to reach 162 compared to last June’s 98.
A marginal 5% increase was recorded in real estate sales in Famagusta, reaching 193 during the first six months of 2017 compared to 183 in the same period last year. During June, sale documents increased by 35% to reach 46, compared to 34 during the same month last year.