The number of properties that changed hands in the capital district rose last month an annual 46% to 117, while those in Paphos increased 45% to 183, the department said in a statement on its website.

While the number of property transactions in Limassol rose in October a comparably modest 13% compared with October last year to 306, this figure is the highest since July 2008, the land department said. In Famagusta, the number of immovable assets that changed hands rose 9% to 51 while Larnaca reported 111 transactions, as many as in October last year.

In January to October, the number of property transactions rose 19% to 6,291 compared with the respective ten-month period of 2016, the department said.

Two government schemes that allow investors to get a permanent residence or a Cypriot passport enhance demand for real property in Cyprus, in addition to various tax breaks including exemption from capital gains tax and reduced transfer fees. The above figures also include assets acquired by banks as part of restructuring agreements.

Source: Cyprus Mail