In October, property transactions rose 21% to 375 compared to a year a got, the department said in a statement on its website today. In September, the number of transactions rose at an annual 21% rate.

In Limassol, where most transactions took place, and Larnaca, property transactions rose in October at the highest rate with 44% and 47% compared to October 2013, to 130 and 88 respectively, the statement said. The number of properties which changed hands in Nicosia last month fell 39% compared to October last year to 39.

“We believe that this is a fictitious increase as figures cannot lie,” Demetres Chrysanthou, who owns Cypriano Property Valuers and Consultants in Paphos said adding that the numbers of property transactions may also include transfers of properties.

Less sceptical, the Nicosia-based property valuer Andreas Mouzurides said that there are encouraging indications that the economy shows signs of recovery, which may help the property market. “We are expecting positive growth rates as of the second half of next year as foreign interest is coming back”.

Source: Cyprus Mail