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Strong property sales continue for the first 10 months of 2015

 

The property market sales recorded strong growth in October 2015 according to the latest data released by the Land Registry

Specifically the overall Property Sales Volume for the whole of Cyprus for October 2015 have been increased by a staggering 23% compared to the same month last year

The improvement is a result of a combination of reasons such as better general market expectations for improvement in the economic climate, reduced transfer fees, promotion of planning incentives, zero taxes on property sales for anyone who buys until the end of 2016 and quicker issuance of property title deeds. Also Positive contribution to this was the interest rate cuts by banks.

Based on Land Registry data, increase occurred on a year to year basis for the first 10 months as follows:

In January-October 2015, the property sales biggest increase was performed by Larnaca reaching a record of 31% year on year

In Limassol sales increased by 6%

Nicosia presented an increase of 2% as well as Paphos.

In contrast, a decrease by 5% is the number of sale was recorded in Famagusta.



 
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