Increase of 43% for Cypriot Property Transactions in 2016

During 2016, property transactions increased by 43%, which accounts for a total of 7,063 contracts. According to the data provided by the Department of Lands and Surveys, the Cypriot market registered in December 2016 the highest number of transactions, of 1,134.

Most of the transactions were concluded in the main cities in Cyprus, as follows:

Limassol – an increase of 59% (accounting for a total of 2,496 contracts);

Nicosia – an increase of 38% (1,031 contracts);

Paphos – an increase of 40% (1,740 transactions);

Larnaca – an increase of 27% (1,360 transactions);

Famagusta – an increase of (436 contracts).

The increase of the property market in Cyprus was a direct effect of the local policies conducted by the government. The number of transactions rose as a consequence of a relevant tax cut to stimulate this field.

At the same time, the regulatory framework for title deeds was modified and the transparency level was also increased, following an effective reforms started in 2014.

As mentioned above, the property market is also influenced by the development projects carried out by construction companies. In this sense, we mention that in 2016, the number of permits awarded to companies developing residential projects increased only by a mere 1.7% compared to 2015.