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Real Estate Sales Soar in 2016
Last Update: January, 2017

Interesting statistics have emerged regarding the increase in Sale Agreement deposits in Cyprus for 2016 compared to similar statistics for 2015; more specifically, according to data released by the Department of Lands and Surveys, the number of Sale Agreements deposited at District Land Offices across Cyprus for the period between January to December 2016 reached 7.063, marking an increase of the order of 43% compared to 4.952 over the same period in 2015. According to the same data, the busiest months in terms of Sale Agreement deposits in 2016 were June, July and the last three months of the calendar year, October, November and December of 2016.

It is also worth mentioning that, in December 2016 alone 1.134 Sale Agreements were deposited at District Land Offices across the country, compared to 513 Sale Agreements in December 2015, an increase of 126%. Out of 1.134 Sale Agreements deposited in December 2016, 432 were deposited at Limassol’s District Land Office (compared to 169 in December 2015 – an increase of 156%), 318 at Paphos’ District Land Office (compared to 134 in December 2015 – an increase of 137%), 153 at Larnaca’s District Land Office (compared to 114 in December 2015 – an increase of 34%), 144 in Nicosia’s District Land Office (compared to 54 in December 2015 – an increase of 167%), and 87 in the District Land Office of Famagusta (compared to 42 in December 2015 – an increase of 107%).

Data by District

During the period between December – January 2016 Limassol claimed the lion’s share in real estate sales as 2.496 Sale Agreements were deposited in Limassol’s District Land Office in 2016 compared to 1.566 the year before. (59% increase)

Paphos’ District Land Office recorded similarly impressive figures: an increase of 40% in the sale of real estate as 1.740 Sale Agreements were deposited in 2016 compared to 1.241 in 2015.

In Larnaca, 1.360 Sale Agreements were deposited at the respective Land Office in 2016 compared to 1.072 in 2015, marking an increase of 27%.

Over the same period the District Land Office of Nicosia witnessed the deposit of 1.031 Sale Agreements compared to 749 over the previous year, marking an increase of 38%.

Famagusta recorded the lowest tally in respect of Sale Agreement deposits for 2016 with just 436. Nevertheless, this accounts for a considerable improvement on the previous year’s total of 324, thereby marking an increase of 35%.

 

Sources:

http://portal.dls.moi.gov.cy/el-gr/data-files/

http://www.inbusinessnews.com/inbusiness/news/business/property/alma-43-sta-akinhta-to-2016

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Publish Date: 11 January, 2017
Marios Christodoulou Marios is an advocate – legal consultant, born in Limassol and educated in Cyprus and the UK. Between 2010 and 2013 Marios pursued a degree in law (LL.B) at the University of Surrey before graduating in July 2013. In December 2014 Marios obtained an L.LM in International Commercial...

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