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August 2017

Overseas property buyer numbers surge in Cyprus

Published: Tuesday 08 August 2017

By David Fuller 
New figures show that property sales in Cyprus jumped by 18 per cent in July, with overseas purchasers responsible for a significant share of the increase.

The latest data released by Cyprus’s Department of Lands and Surveys reveals that 739 property transactions were completed in July 2017 – compared to 639 in July 2016.

The figures reveal that 34 per cent (251) of the properties sold in Cyprus last month were bought by purchasers from another country. This is a significant increase in the proportion of foreign buyers when compared to previous months. Traditionally, overseas purchasers have accounted for around 27 per cent of total purchases per month during 2017.

Property sales to the overseas market during July 2017 rose 31 per cent compared to the same month in 2016.
Paphos was the most popular district among international buyers, with foreigners snapping up 91 properties in the renowned holiday resort. Limassol was the second most popular district, with 75 sales, followed by Larnaca (41), Famagusta (29) and Nicosia (15).

Since 2000, 59,858 overseas buyers have purchased a home in Cyprus. The most sales to foreigners in a single year occurred in 2007, when overseas purchasers bought 11,281 homes on the island – over half of all total house sales made in Cyprus that year.

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Halo Financial is a leading UK foreign exchange brokerage, offering a comprehensive range of services to individuals and businesses since its inception in 2005. The business prides itself on offering a flexible and personalised approach for each of its clients, simplifying the seemingly complex foreign exchange market to maximise savings in currency transactions, protect against currency risk and make money go further.

Staffed by qualified technical analysts, the company is authorised by the Financial Conduct Authority and HM Revenue and Customs.

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Halo Financial won Best Customer Focus category in the 2016 Best Business Awards; received OPP Gold for Best Supporting Service; the Gold Award for Financial Support and Innovation from Relocate Magazine, Commendations in the 2016 and 2017 Moneyfacts Awards and has 5 out 5 Star Customer Gold Merchant Status via independent review website, Feefo.com, winning their Gold Trusted Service award. 

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