Cyprus Mail

Property transactions up 39% in November, Land Department says

The number of property transactions rose an annual 39 per cent in November to 906, the highest figure this year, the Department of Lands and Surveys said.

The increase last month was mainly on an annual 98 per cent increase in the number of properties changing owners in Nicosia to 170, the department said in a statement on its website. Property transactions in the Famagusta district rose 174 per cent to 52 while those in Larnaca and Paphos rose 32 per cent to 151 and 16 per cent to 212 respectively.

The number of property transactions in Limassol rose last month 29 per cent compared to November 2016 to 321, the land department said.

In January to November, the number of properties changing hands rose 21 per cent to 7,197, the department said. In Nicosia, the number of transactions rose 31 per cent, in Limassol 28 per cent, in Famagusta 32 per cent and in Paphos 26 per cent while in Larnaca it fell 4 per cent.

The above figures include properties onboarded by banks as part of restructuring agreements or foreclosures.

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