Cyprus Property: Increase in Transactions from Foreign Buyers

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The total number of property transactions increased by 20% from January to July to 4,349 and July saw a boost of an annual 18% to 739 property sales.
Limassol attracted many foreign buyers to the market through the visa and naturalisation schemes which lead to a total of 165 foreign property buyers. Paphos followed shortly after with a total of 114 foreign buyers.
However, according to the Department of Lands and Surveys, the number of foreign property buyers fell 8.4% in July to 87, when compared to the same month of 2016.
Following this, the Royal Institute of Charted Surveyors (RICS) Cyprus, states that there was a recent average increase of 2.3% in real estate prices during the first quarter of 2017.
Although, the overall number of properties that were purchased by foreign buyers increased 1.2% to 543 from the January to July timeframe, when compared to the same period of 2016.