Cypriot property sales expected to increase

Photo: Senza Senso

Cypriot property sales are forecast to rise this year, as the market shows signs of recovery.

The number of sales in January rose 2 per cent year-on-year, according to the latest figures from the Department of Lands & Surveys, getting 2016 off to a good start for the island's housing market. Indeed, the month's figures marks fourth rise in a row, with sales up 13 per cent in December, 21 per cent in November and 23 per cent in October 2015.

The recovery remains uneven, with sales down 13 per cent and 3 per cent in Larnaca and Limassol respectively, but deals in Famagusta jumped 38 per cent, followed by Nicosia (17 per cent) and Paphos (9 per cent).

The figures arrive as optimism among professionals increases, thanks to the looming reduction in bank lending rates and progress with foreclosures. While the island's real estate reputation has previously been plagued by horror stories surrounding title deed problems, a new law will enable those deceived into buying homes on mortgaged land to obtain the deeds to their property, boosting overall confidence.

Indeed, overseas sentiment already appears to be improving, with figures from December 2015 showing that international property sales rose 39 per cent year-on-year. In November 2015, meanwhile, Cypriot property received its highest number of enquiries in 34 months on TheMoveChannel.com, re-entering the portal's Top 10 countries for the first time in eight months.

Overall enquiries for Cypriot property in Q4 2015 rose 36 per cent from Q3 2015.