Property transactions up 8% in September

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By Stelios Orphanides

The number of property transactions rose 8 per cent in September, to 602, compared to the respective month of 2016, the land registry said.

The increase reflected a rise in sales in Paphos and Famagusta where the number of properties that changed owners rose an annual 17 per cent, to 148, and 78 per cent, to 57, the department said in a statement on its website. The number of property transactions in Nicosia rose 7 per cent, to 87, and in Limassol 4 per cent to, 203.

In Larnaca, property transactions dropped 12 per cent, to 107, the department said.

The number of property transactions in the first nine months of the year rose 19 per cent, to 5,523 compared to the respective period last year, the land department said. The above figures include debt-to-asset swap deals struck as part of loan restructurings.

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About Author

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

  • cyprus observer

    No matter how statistics try to say otherwise, the Cuprus property market is still broken.

    • Kevin Ingham

      Indeed- the article even tells us that the “sales” figure includes debt for asset swaps

    • Philippos

      Yes, it is, but todays Russian and Chinese Buyers have yet to learn that.

      • cyprus observer

        Yeah..keep ripping them off…just like the previous ones.

  • Cydee

    What’s the % of Titles received?

    • Boo

      % percent….but they don’t know it YET.

  • Kevin Ingham

    In this case I suspect it means you hand back a house you partially paid and significantly borrowed a total of say Euro 350,00 for and walk away from any debt attached to it- even if the house is now only worth Euro 200,000

    The bank has now improved it’s NPL ratio, and as long as it values the Euro 200,000 house at Euro 350,000 it actually hasn’t made a paper loss (although it will have to increase it’s bad loan provision)

    This smoke and mirrors is then presented as a resurgent economy with a booming housing market- seemples