Property transactions up 28% in June, 20% in H1

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By Stelios Orphanides

The number of property transactions rose in June an annual 28 per cent to 843, a new peak this year, driven by activity in Nicosia and Limassol, the Department of Lands and Surveys said.

The number of properties that changed hands in Nicosia rose last month 65 per cent to 162, compared with the respective month of 2016, and those in Limassol increased 37 per cent to 304, the department said.

Property transactions in Paphos and the Famagusta area rose 28 per cent and 35 per cent to 235 and 46 respectively, compared with the year before, while the number of properties that went to new owners fell 20 per cent to 96, the land department said.

In the first six months of the year, the total number of transactions on the real estate market rose an annual 20 per cent, the department said.

The January to June figures include also 456 properties sold to non-Cypriots compared to 442 in the respective six-month period of 2016, aided by the government’s schemes that allow investors to get a visa or citizenship, according to a separate statement.

Property transaction figures include also properties acquired by banks as part of loan restructuring agreements.

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