Property sales continue to rise in January

The number of property sales in Cyprus continued to rise in January 2019 compared to the numbers sold in January 2018 according to official figures published today by the Department of Lands and Surveys.

With the exception of December 2018, when sales fell by 48 per cent due to the rush to buy land in December 2017 before the government introduced VAT on land sales, the number of property sales has increased for the 21 consecutive months. January 2019 saw a total of 766 contracts deposited at Land Registry offices for the sale of commercial and residential properties and land compared with 695 in January 2018; a rise of 10 per cent. Of those 766 contracts, 409 (54%) were deposited by Cypriots and the remaining 357 (47%) by non-Cypriots – 107 by EU citizens and 250 by non-EU citizens.

The figures show a continuing improvement in the economic conditions, together with government incentives designed to boost property sales and drive foreign investment. Unemployment is also falling; down to 8.8 per cent in December 2018 from almost 17 per cent in 2013. (Across the EU 28 the unemployment rate stood at 6.6 per cent in December 2018.)

Read more at: http://www.news.cyprus-property-buyers.com/2019/02/06/property-sales-continue-rise/id=00155312
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