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September 2017

International investor numbers in Cyprus grow

Published: Wednesday 13 September 2017

By David Fuller 

The number of international buyers purchasing property in Cyprus is growing, new figures show.

The latest official statistics published by the Department of Lands and Surveys shows that just over 30 percent of the 572 property sales deposited at Land Registry offices across Cyprus in August were made by overseas purchasers.

Purchases by overseas buyers rose in all districts across Cyprus, with the exception on Nicosia. Famagusta led the way with sales increasing by 144 percent, while in Larnaca, Paphos and Limassol rose by 79 percent, 65 percent and 46 percent respectively.

In terms of overall numbers, Paphos is the most sought-after destination for overseas buyers, with 70 properties in the district bought by foreign purchasers last month. Limassol was second with 41 purchases.
During the first eight months of 2017, property sales to the overseas market have risen 44 percent compared with the same period last year to reach a total of 1,413.

Statistics released last month revealed that property prices in Cyprus are on the rise again, after a period of decline. The latest RICS Cyprus Property Price Index revealed that the average price of residential apartments and houses across the island rose by 1.3 percent and 2.3 percent respectively.

Last month, figures from Rightmove International placed Cyprus as the seventh most enquired about destination for British purchasers, while TheMoveChannel’s latest Top of The Props survey ranked Cyprus in 16th out of 40 countries.

For more information, infographics and the latest currency insights, visit www.halofinancial.com/news