PROPERTY SALES IN CYPRUS INCREASED SIGNIFICANTLY IN FEBRUARY 2016
According to the official statistics published by the Department of Land and Surveys on the 7th of March 2016, property sales in Cyprus rose by 54% in February compared to February 2015. Sales increased in all districts. Limassol is in the lead with 85% increase, followed by Nicosia where the sales compared with February last year rose by 76%. Larnaca had a 52% increase, Famagusta 30% and Paphos 18%.
This significant increase in demand for property may be due to the improving economic climate and consumer confidence as well as lower lending rates being offered by the banks.
The economy continues to show signs of recovery with gross domestic product recording positive growth rates. The Central Bank of Cyprus said “Improved domestic economic and financial conditions are expected to have a positive impact on the real estate sector”.
Published by Christiana Alexandrou
17th of March 2016