Property transactions up 2% in June

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By Stelios Orphanides

The number of property transactions rose 2 per cent year-on-year in June, to 858, which is the lowest rate of increase in 14 months, the land registry said.

Last month’s slowdown in property transactions was mainly on a 23 per cent slump in the number of assets changing hands in Paphos, to 180, the department said in a statement. Transactions in Nicosia district fell 10 per cent, to 146.

In Limassol, which grew into the island’s magnet for real estate investment in the current decade, 338 properties changed owners in June, an 11 per cent rise on June 2017, the department said. In Larnaca, the number rose 39 per cent, to 133, and in Famagusta 33 per cent, to 61.

The number of property transactions in the first half of the year rose 24 per cent, to 4,470, compared to the respective period of last year, the department said.

The figures also include an unspecified number of properties on-boarded by banks via debt-to-asset swaps as part of loan restructuring agreements.

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

  • Wanderer

    “The figures also include an unspecified number of properties on-boarded by banks via debt-to-asset swaps as part of loan restructuring agreements.” — in other words all the above figures are meaningless.

    • Philippos

      Not necessarily. They are telling would be Developers in Pafos District to “pause” so that they don’t start construction of projects now / soon and run them into the next downturn. but they will of course and it is from this stupidity that the next generation of NPL’s and Banking Failures will be born. RIP

    • Philippos

      They may also be telling Lefkosia Developers the same thing but with a “Twist”, maybe they are currently building the wrong kinds of residence and at the wrong price for locals, again a fertile ground for NPL’s and Banking Failures, compounded by a weak market for the Banks to “Dump” their present problems into.