Property transactions up 29% in January, land department says

The number of property transactions rose 29 per cent in January to 423 compared to the respective month of 2016, the Department of Lands and Surveys said.

The increase in the first month of the year was mainly on an annual 43 per cent increase in Limassol to 132, the land department said in a statement on its website.

The number of properties that change hands in January rose 33 per cent in Nicosia to 72 compared to January 2016, 31 per cent in Larnaca to 102 and 19 per cent in Paphos to 96, the department said. In the Famagusta district, the number of property transactions reported dropped 5 per cent to 21.

Last year and in January 2016, property transactions rose 43 per cent and 2 per cent respectively.

By Stelios Orphanides