The increase in foreign demand mainly affected the Limassol district in which foreign buyers acquired a total of 284 properties in January to July, which is 43% more compared to the respective period of 2015, the department said in a statement on its website. While most properties acquired by foreigners were in Paphos, their number fell 3.7% to 288.

Foreign buyers purchased in the Larnaca and Nicosia districts respectively, 181 and 68 in the first seven months of the year, which was respectively 16% and 11% more compared with the same period last year, the department said. The number of properties sold to foreigners in the Famagusta district dropped almost 17% to 55.

Overall, the number of property transactions in January to July rose an annual 28% to 3,637 after increasing 26% to 625 in July alone, the department said. The increase came mainly from Limassol, where property transactions rose 41% in July and 37% in the first seven months of the year to 220 and 1,221 respectively. The number of transactions reported in Nicosia rose 70% in July and 23% in January to July to 102 and 576 respectively.

In Paphos the total number of properties sold in July and up until July this year was 153 and 850 after rising 9% and 20% respectively, the department said. In Larnaca, they increased 29% and 30% to 123 and 780 respectively while in the Famagusta district the number of property transactions dropped 40% to 27 in the seventh moth of the year and rose 19% to 210 in January to July.

Overall transaction figures include also properties acquired by commercial banks as part of loan restructuring agreements.

Source: Cyprus Mail