Property transactions up 27% in August, land department says;

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By Stelios Orphanides

The number of property transactions rose 27 per cent in August to 572 compared to the respective period last year mainly on a strong performance of the Limassol property market, the Department of Lands and Surveys said.

The number of properties which changed owners in August in Cyprus’s main port town rose an annual 56 per cent to 201, the department said in a statement on its website on Monday.

The number of transactions in the district of Nicosia rose an annual 19 per cent to 76, followed by an 18 per cent increase to 160 in the Paphos district, 15 per cent to 47 in the Famagusta district and 9 per cent in the Larnaca district, the land department said.

In January to August, total properties island-wide rose 20 per cent compared to the respective period of 2016 to 4,921, the department said. Transactions rose 34 per cent to 1,805 in Limassol, 26 per cent to 1,243 in Paphos, 23 per cent in Nicosia to 784 and 19 per cent to 299 in Famagusta. In Larnaca, total transactions dropped 8 per cent to 790.

The above figures include properties acquired by banks as part of loan restructuring agreements.

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About Author

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

  • GSP

    The final sentence says a lot – but tells us nothing.
    Just how many of these property transactions were not really sales?
    A bank has repossessed a whole street near me. Twelve houses, none sold because of outrageous prices, but does that count as one transaction for the twelve properties built as part of a single developer’s loan?

    • Mist

      Likewise swops of TC land in Paphos, gifts to avoid CGT, gifts to avoid asset seizure over NPL’s, asset disposal to avoid guarantor liability to NPL’s, the list goes on.

      • Bob Ellis

        Also, MP’s hiding assets. Did you see the fantasy that was Nic’s financial statement today? Surely a contender for the Man Booker Prize for Fiction 2017.

    • Garry Smith

      there were a lot of genuine property sales in Limassol this summer. Loan restructurings probably accounted for a tiny fraction of this number.

    • Adele

      Good point GSP.

  • Bob Ellis

    What happens when the Chinese wake up and realise they are being conned and stop buying ? and the banks run out of ‘cheap repossessed bargains’ they are flogging on the quiet to friends and family ?

  • Douglas

    Reading the forum comments in here it clearly show a lack of trust and integrity of these type of internal reports.