Property sales reached their highest point since 2008 in December according to the sale documents filed in, closing the year with sharp rise and exceeding the expectations of the stakeholders of the industry. Limassol was found on top of this upswing, since sales appeared to have the largest increase at 59%. The deeds filed in amount to 2496, when 2015 only counted 1566.

Throughout Cyprus property sales rose for the third consecutive year, while Limassol showed impressive growth throughout the year. According to data for the entire 2016, the deeds submitted amounted to 7036 sales against 4952 in 2015, recording an annual increase of 43%.

An important element is also the number of sales to foreign nationals, since these usually concern property worth more than €500 thousands, as provided by the program requirements for acquiring the Cypriot citizenship. According to the latest Land Registry figures regarding sales to foreigners, the whole 11 months of 2016 amounted to 1459 pieces, higher by 20% compared to 2015.

Source: Stockwatch