In January to October, overall property transactions rose 8% to 3,993 compared to a year before amid increased activity in Nicosia, Limassol and Paphos, the department said in a statement on its website on Wednesday. In July, the parliament reduced property transaction fees and suspended the capital gains tax for property buyers.

The number of property transactions in Nicosia rose 64% in October to 64, while those in Limassol and Paphos rose respectively 28% to 166 and 30 % to 117 compared to October 2014, the department said. Transactions in Famagusta district rose 4% to 29 while in Larnaca they fell 1% to 87.

The highest increase in property transactions in January to October was in Larnaca, where 847 properties changed hands, 31% more compared to the respective period a year before, according to the land department’s data. Limassol followed with a 6% annual increase to 1,260, trailed by Nicosia and Paphos, where the number of property transactions rose 2% to 635 and 1,002 respectively.

In Larnaca, overall transactions since the beginning of the year fell an annual 5% to 249, the department said.

Foreign buyers bought 65 properties in October and 477 in the first ten months of the year, compared to 36 and 351 a year before respectively, according to the department.

Source: CyprusMail