Cyprus Mail
Business

Property transactions up 2% in June

The number of property transactions rose 2 per cent year-on-year in June, to 858, which is the lowest rate of increase in 14 months, the land registry said.

Last month’s slowdown in property transactions was mainly on a 23 per cent slump in the number of assets changing hands in Paphos, to 180, the department said in a statement. Transactions in Nicosia district fell 10 per cent, to 146.

In Limassol, which grew into the island’s magnet for real estate investment in the current decade, 338 properties changed owners in June, an 11 per cent rise on June 2017, the department said. In Larnaca, the number rose 39 per cent, to 133, and in Famagusta 33 per cent, to 61.

The number of property transactions in the first half of the year rose 24 per cent, to 4,470, compared to the respective period of last year, the department said.

The figures also include an unspecified number of properties on-boarded by banks via debt-to-asset swaps as part of loan restructuring agreements.



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