The first half the year for the real estate market closed, with sales rising steadily and exceeding expectations.
According to the Department of Land and Surveys, the sales documents deposited at provincial cadastral offices in the period between January and June 2017 of amounted to 3,610, with in increase of 20% in comparison to the same period of 2016. For June only, sales increased by 28%, to 843 compared to 657 sales in the same month last year.
At the same time, sales to foreign buyers increased by 6.7% in June, reaching 208, as opposed to 195 sales in June 2016. The total increase for the first half of the year reached 44%, with sales to foreigners amounting to 1,000.
Sales in Limassol increased by 33%, reaching 1,335 in the first six months of the year compared to 1,001 in the corresponding six-month period of 2016. Continuing to be at the top of buyer preferences, Limassol had a 37% rise in sales, with 304 sales in June of this year compared to 222 sales in June last year.
In Paphos sales rose by 29%, reaching 899 sales in the first six months of 2017, whereas in the same period last year, sales amounted to 697. In June only, real estate sales in Paphos added up to 235, an increase of 28% compared to the 183 sales in June last year.
Sales in Larnaca declined by 9% to 599 for the first half of the year compared to 657 in the first half of last year. In June. sales fell by 20%, to just 96, as opposed to 120 in the corresponding month of 2016.
Nicosia, on the other hand, rose to 584 sales, an increase of 23% in comparison to the 474 sales in first half of 2016. In just June, the sales increased by an impressive 65%, with 162 sales.
Sales of real estate in Famagusta posted a marginal increase of 5%, reaching 193 sales this year, compared to 183 in the same period last year, while sales vouchers increased by 35%, amounting to 46 compared with 34 in the same month last year.