Increase of Property Sales and Company Formation in Cyprus

The department of Lands and Surveys has confirmed that the number of property sales contracts deposited at offices across Cyprus in February 2018 have increased by 46% since February 2017. This increase follows a rise of 64% in January 36% in December 39% in November and an 18% rise in October.

Increased number of 666 contracts or sale of residential and commercial properties were deposited at the Lad Registry offices across Cyprus during the month of February 2018 compared with the 456 deposited in February 2017. This is the highest number of contracts deposited during February since 2010. Famagusta + Limassol figures. Although sales in Larnaca decreased by 1%, they increased in all the other districts. In percentage terms Famagusta led the way with sales rising by 174% followed by Paphos, where sales rose by 87%. Meanwhile sales in Limassol and Nicosia rose by 45% and 32%.

 

Total Property Sale Contracts -2017/2018

 

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2017 72 73 79 80 118 162 124 76 87 117 170 306
  2018 146 96
Famagusta 2017 21 19 40 29 38 46 59 47 57 51 52 169
  2018 48 52
Larnaca 2017 102 100 113 69 119 96 103 88 107 111 151 181
  2018 112 99
Limassol 2017 132 177 232 192 298 304 289 201 203 306 321 532
  2018 225 256
Paphos 2017 96 87 162 136 183 235 184 160 148 183 212 349
  2018 164 163
Totals 2017 423 456 626 506 756 843 739 572 602 768 906 1537
  2018 695 666

 

The Department of the Registrar of Companies and Official Receiver has confirmed the number of company registrations, a gage of the performance of the business services sector, rose in February 25 per cent to 1,207 compared to the respective month of 2017. In the first two months of the year, the number of company registrations increased by 19 per cent to 2,405 compared to the respective period last year, the department said.

Company name application increased by annual 33 per cent last month to 2,720 and 26 per cent to 5,312 in January to February. The submission of other documents rose 11 per cent to 11,273 and 23 per cent to 26,197 respectively. Lastly, the number of certified copies issued rose an annual 8.7 per cent to 26,834 last month and 8.1 per cent to 54,930 in the first two months of the year.

As the growth of business continues, the community in turn continues to thrive, due to more individuals having employment it has lead to higher property sales as seen in the above figures. Cyprus Developers have ensured that the demand for property has been met for both new businesses and individuals, with many individuals showing a preference to beachfront properties in Cyprus. Skyprime, one of the leading Cyprus Developers, specialises in beachfront villas bringing together property experts to offer clients the complete chain of services for those who wish to invest in the thriving property market of Cyprus.

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Published April 23rd 2018
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