Real estate sales show a large increase in 2017, as evidenced by new data announced by the Land Registry with the development of projects in Limassol, Paphos and free Famagusta to lead the ascent race.
According to the data announced yesterday by the land registry, in October 2017 the sales documents submitted to the land registry amounted to 768 from 634 in October 2016, an increase of 21%.
In September, property sales increased by 8%.
Market participants point out that the increase is attributed to the tax and urban incentives applied by the government but also to the restoration of confidence in the economy and the real estate market.
"The big increase in 2017 is mainly attributed to foreign buyers but also to the large accumulated interest of Cypriots in previous years who now found the opportunity to implement it in the midst of economic recovery," says real estate appraiser Polys Kourousidis.
The reduction of interest rates by banks also contributes positively, as well as the ability of banks to lend to new markets, he adds.
According to the data, in the first ten months of the year the largest increase of 27% is recorded in Limassol and Paphos.
The sales documents in Limassol amount to 2314 from 1815 in the ten months of 2016 and in Paphos to 1574 from 1239.
Here the free area of Famagusta where sales increased by 23% reaching 407 from 330.
There was a 23% increase in Nicosia. In Larnaca sales fell by 8% to 1008 from 1093.
The total sales documents nationwide show a 19% increase in the ten months of 2017 to 6291 from 5278.
Source: StockWatch.com.cy