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January 2015 (Cyprus) Property sales increase 20% in 2014

The total number of property transactions rose an annual 20 per cent in 2014 to 4,527, the department of lands and surveys said.

In December, property transactions rose 20 percent to 454 compared to a month ago, the department said in statement on its website today.

Property transactions in Limassol district rose 35 per cent in 2014 compared to the year before to 1,417 while in December a total of 127 transactions were reported, as many as a year ago, the department said. The number of transactions reported in Nicosia district rose 6 per cent last year compared to 2013 to 748.

The number of transactions rose in Paphos and Famagusta districts the most in December, 72 per cent and 62 per cent compared to a year ago to 160 and 47 respectively. Transactions rose in Paphos an annual 6 per cent in 2014 to 1,238 while in the Famagusta district they rose 37 per cent to 330.

In Larnaca, a total of 794 property transactions were reported last year, 31 per cent more compared to 2013, after rising an annual 40 per cent in December to 67, the department said.

A real estate agent said that the increase in transactions last year was expected after the 2013 slump caused by the banking crisis.

“In 2013 the number of transactions was very low” compared to an annual average of 13,000 transactions in 2000 to 2012, George Mouskides general manager of FOX Smart Estate Agency, said in a telephone interview.

Mouskides added that he expects banks to offer more financing in 2015 which will further help increase the number of property transactions. “I believe that in 2015 there will be a considerable increase compared to 2014 which will exceed 20 per cent,” he said.

Source: Business Mail (http://cyprusbusinessmail.com/?p=2998)