Limassol and Larnaca leading the way

The overall submission of title deeds during May 2016, as they were recorded in all Land Registry offices across Cyprus, has risen by 17% standing at 474 deeds compared to 405 last May, contributing to the total increase of 25% in property sales during the first five months of the year. So far, the number of deeds across Cyprus stands at 2,355, against 1,884 in the corresponding period last year. Moreover, the most significant increase in sales during May have been observed in Limassol and Larnaca.

The largest increase during the first five months of 2016 has been noted in Famagusta, achieving a growth rate of 52%. As regarding May 2016, the increase was 14% (against the same month of the previous year) while the total number increased to 149 from 98 in January through May 2015.

Meanwhile, Limassol clutched the primacy on the total recorded number of title deeds. During the first five months of 2016; 779 deeds were deposited in Limassol contributing to 29% increase from the same period last year. However, the month of May only showed slight increase (7%) in deposited deeds in association to last year. Specifically, 145 deeds have been submitted in contrast to 135 recorded in the same month of 2015.

Title deeds in Larnaca also recorded a noteworthy increase of 36% during the first five months of 2016, with the total number raised to 537 – the second largest figure after Limassol. Explicitly, for the month of May, 103 deeds were registered, against 68 that were recorded in the prior year.

May was the best month so far for Paphos district as regarding registered title deeds. A total of 120 permits have been submitted, bringing the total number to 514, and a rise to 26% from last year.

Finally, Nicosia continues its negative trend in deposited deeds. For the month of May, 82 deeds were submitted succeeding 86 the same month last year. Nevertheless, for the first five months of 2016, deeds in Nicosia’s Land Registry office amounted to 376 depicting an increase of 8% increase.