Foreign cyprus property sales up almost 50pc

Photo: Martha de Jong-Lantink

Sales of Cypriot property to foreigners have risen by almost 50 per cent in the last year.

New figures from the Department of Lands Surveys show the total number of sales on the island in November 2015 was 21 per cent up year-on-year, with 446 contracts deposited with the Land Registry compared to 370 in the same month a year earlier.

The majority of these (69 per cent) were by domestic buyers, with almost one-third deposited by overseas buyers (31 per cent).

All districts of Cyprus saw sales climb - with the exception of Nicosia, where sales dipped 18 per cent. Famagusta led the rise with increase 65 per cent, followed by Larnaca (35 per cent), Limassol (33 per cent) and Paphos (14 per cent).

Domestic sales overall rose 11 per cent, but sales to overseas buyers surged by a much stronger 48 per cent year-on-year.

Famagusta, here, was the one region to see sales fall (by 36 per cent), with Limassol instead leading the way with sales up 189 per cent annually. Nicosa saw sales climb 43 per cent, followed by Paphos (31 per cent) and Larnaca (11 per cent).

The positive trend occurs just as the island enjoys a rise in popularity among buyers on TheMoveChannel.com. In November 2015, Cypriot property received its highest number of enquiries in 34 months, re-entering the portal's Top 10 countries for the first time in eight months.