22 Friday 2016
Property sales in Cyprus rose significantly during February 2016 compared to the same period last year according to official statistics published by the Department of Lands and Surveys on March 7.
This 54% rise in February follows a 2% rise in January and a 13% rise in December 2015. February saw a total of 501 contracts for the sale of commercial and residential properties and land (building plots and fields) being deposited at Land Registry offices across; the highest monthly figure recorded since May 2014 when 551 contracts were deposited, Cyprus Property News reports.
Sales increased in all districts, with Limassol leading the way with an 85% increase in sales compared with February last year. Sales in Nicosia rose 76%, while those in Larnaca, Famagusta and Paphos rose by 52%, 30% and 18% respectively. During the first two months of 2016 sales have risen 28% to reach 828. This exceeds the number of sales during January and February of 2013 that preceded the island’s bailout.
According to Cyprus Property News, this significant surge in demand for property may be attributed to lower lending rates being offered by the banks and simpler procedures for granting loans, together with an improving economic climate and consumer confidence.
