Saturday, February 4, 2017
Real estate prices and sales increasing in Cyprus
The property recovery is underway in Cyprus with the latest figures showing that prices for villas and flats are increasing and sales are also rising.
The latest figures from the Royal Institution of Chartered Surveyors (RICS) shows that across Cyprus residential prices for both houses and flats increase by 0.6% and 0.9% respectively in the third quarter of 2016.
Meanwhile, data from the island’s land registry show that sales increased by 121% year on year in December 2016, the largest annual rise for a decade. This followed increases of 50% in September, 37% in October and 46% in November.
Year on year sales rose across the island with transaction rising the most in Nicosia and Limassol with growth of 156%, followed by Paphos with growth of 137%, Famagusta up 107% and Larnaca up a more modest 18%.
This has got to be good news for Bank of Cyprus as many of their many non performing loans are real estate loans.