Foreign buyers now make up one in three property sales in Cyprus, as overseas demand continues to climb.
New figures from the Department of Lands and Surveys shows that overall property sales jumped 18 per cent year-on-year in July 2017, following a 28 per cent increase in June and a 59 per cent rise in May. The growth is fuelled by both local and overseas demand, but as international buyers return to the island, they are playing a bigger role in the market’s performance, accounting for 34 per cent of contracts deposited with the Land Registry – up from a typical average of 27 per cent.
Foreign buyer purchases jumped 31 per cent year-on-year, with 251 contracts of sale deposited compared with 191 in July 2016. Sales rose in all districts, with Famagusta leading the way where they increased by 263 per cent. Sales in Nicosia rose 88 per cent, following by Larnaca (28 per cent), Limassol (17 per cent) and Paphos (15 per cent).
Overall, overseas sales have risen 42 per cent in the first seven months of the year, compared to the same period last year.
