In what is being considered a welcoming news for the real estate industry in Cyprus, property purchases in the island country has risen by leaps and bounds, and going by the latest figures, shows very little signs of slowing down.
Figures from the Dept. of Lands & Surveys, property sales in the island country as of November 2017 has increased by an impressive 39 per cent since November 2016 – an impressive feat given the blows taken by the economy and real estate industries in the past years. This rise comes after an 18% increase in the month of October, an 8% increase in September, and a 27% increase in August.
In the month of November itself, 906 contracts were signed (for the purpose of selling land as well as commercial and residential and properties) and deposited at Land Registry offices all over Cyprus, as opposed to only 651 that were deposited in November 2016.
All districts in the country saw a rise in sales. In terms of percentage, Famagusta saw the biggest rise in sales (174%), followed by the country’s capital Nicosia (98%). Sales in Larnaca, Limassol and Paphos rose by 32%, 29% and 16% respectively.
Meanwhile, the number of property sale contracts deposited at Land Registry offices were 7,197, rising by 21% since November 2016.
Recent government schemes and measures have played a major role in the rise of property transactions. Specifically, the abolition of Immovable Property Tax and reduction in Property Transfer Fees have given property sales a much-needed boost. The country has also seen a rise of property being sold to Non-EU citizens who are looking for citizenship or residency and are using two different government schemes to their advantage.