Property transactions drop 2% in April

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By Stelios Orphanides

The number of properties that changed hands in April dropped 2 per cent compared to the respective month of 2016 as transactions dropped in the south-east, the Department of Lands and Surveys said.

Most transactions took place in Limassol and Paphos, where foreign buyers concentrate their interest, and rose an annual 16 per cent and 27 per cent to 192 and 136, the department said in a statement dated May 2, on its website. The number of completed transactions in Nicosia rose 1 per cent to 80.

On the other hand, transactions in Larnaca plunged 46 per cent last month to 69 while in Famagusta district they fell 17 per cent to 29 compared to the respective month of 2016, the department said.

In the first four months of the years, total property transactions rose 7 per cent to 2,011 compared to the respective period of 2016, the land department said. All above figures include also properties acquired by banks as part of loan restructuring agreements.

According to a separate statement, the number of properties acquired by non-Cypriots rose an annual 8.1 per cent in January to March to 200.

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Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]