The annual increase in January to September was mainly on more properties sold to foreign buyers in Nicosia and Limassol where they rose 120% and 84% to 119 and 199, respectively the department said. The increase of the number of properties acquired by non-Cypriots rose also in Paphos above the national average to 202 which is 66% more compared to the respective nine-month period of 2015.

Demand by foreign buyers in Larnaca also rose, though at a lower rate, as the number of properties which acquired by non-Cypriots rose an annual 24% to 122, the department said.

On the other hand, external property demand dropped in the Famagusta district, with the number of properties sold to foreigners falling 6.7% to 30 in January to September compared to the respective period of 2015, the department said.

The total number of properties which changed hands in the first three quarters of the year rose 32% to 4,644, according to figures released on Monday. The overall figure in 2016 also includes transactions between banks and borrowers involving properties-to-loan swaps as part of loan restructurings made possible following the introduction of tax breaks in late 2015.

Still, the share of non-Cypriots as a total of the total property buyers rose in January to September to over 14% from below 12% in the respective period last year.

Source: Cyprus Mail