The latest statistics show that the volume of property sales in Cyprus is increasing again.
According to Oldypak Capital LP report prices of houses and apartments in Cyprus in the third quarter of 2016 showed an increase of 0.6% and 0.9% respectively. In December 2016, sales rose 121% year-over-year, the largest annual increase in the past decade.
Nicosia and Limassol showed the biggest increase in transactions with 156%, followed by Paphos with 137%, Famagusta with 107% and Larnaca with a modest 18%.The biggest increases in property prices were seen in Paphos, where house prices rose by 1.77% and in Limassol by 1.4%.
At the same time for the same period rose by 0.7% for apartments and by 3.3% – for houses on a quarterly basis, and by 5.3% for apartments and 6.7% for houses on an annual basis.
Experts believe it was the return of foreign buyers that contributed to the real estate market’s recovery. Data from the land registry show that 31% of property buyers in Cyprus are foreigners. In December 2016 according to Oldypak Capital LP report sales to foreign buyers increased 162% compared to December 2015. The leader was Famagusta – 1400%, (taking into account that in December 2015 was carried out only one sale), followed by Paphos, where sales increased by 227%. Sales in Nicosia, Limassol and Larnaca grew by 180%, 172% and 18% respectively.