Insider Business One in three property sales to non-EU buyers

One in three property sales to non-EU buyers

There has been a steady increase in property sales and in the number of properties sold to foreign buyers, Philenews reported on Thursday.

It said that the latest figures from the Land and Surveys Department show that a total number of 5,366 sales contracts were submitted in the first seven months of the year, up 23% over the same period the previous year. Sales to foreign buyers stood at 2613 or 48.7%.

One in three sales involved non EU-residents. Paphos attracted the most attention, followed by Limassol, Larnaca and Famagusta. There was limited interest in Nicosia from foreign buyers.

Of the 2,613 sales contracts involving non-Cypriot buyers in the first seven months, 1798 were from non-EU buyers.

Paphos led the field with foreign buyers, accounting for 39% of the sales or 1,020 sales contracts of which 608 were to non-EU. Limassol was second with 785 sales contracts with foreign buyers of which 638 were non-EU.

In terms of total property sales, Limassol topped the table with 1975 sales contracts followed by Paphos with 1270.

Larnaca was third in sales to non-Cypriots with 399 sales contracts of which 322 were to non-EU. In the Famagusta district, sales to foreigners stood at 269 of which 155 were non-EU.

In Nicosia, 140 sales contracts were submitted to the Land Surveys Department by non-Cypriots of which 74 were non-EU.

 

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