Cyprus property sales surge

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Cyprus property sales surge

Cyprus property sales surge rose significantly during February 2016 compared to the same period last year according to official statistics published by the Department of Lands and Surveys in March 2016

PROPERTY sales in Cyprus surged by 54% in February compared to the same month last year according to official figures issued by the Department of Lands & Surveys.
This 54% rise in February follows a 2% rise in January and a 13% rise in December 2015.
February saw a total of 501 contracts for the sale of commercial and residential properties and land (building plots and fields) being deposited at Land Registry offices across; the highest monthly figure recorded since May 2014 when 551 contracts were deposited.
Sales increased in all districts, with Limassol leading the way with an 85% increase in sales compared with February last year. Sales in Nicosia rose 76%, while those in Larnaca, Famagusta and Paphos rose by 52%, 30% and 18% respectively.
During the first two months of 2016 sales have risen 28% to reach 828. This exceeds the number of sales during January and February of 2013 that preceded the island’s bailout.

This significant surge in demand for property may be attributed to lower lending rates being offered by the banks and simpler procedures for granting loans, together with an improving economic climate and consumer confidence.
In the coming year we expect to see structural changes implemented to accelerate the issuance of Title Deeds. Whether this will enable Title Deeds to be issued by the time a purchaser takes delivery of a property remains to be seen; but things are moving in the right direction.
We will update this article with a further analysis of the sales statistics as soon as the Department of Lands and Surveys publishes the figures.