Cyprus off to strong start to the year

Cyprus property

Property sales in Cyprus got off to a strong start to the year, with deals rising 29% in January, according to data released by the Cypriot government.

Figures from the Department of Land and Surveys show that real estate deals hit 423 in January, with most taking place in Limassol and Paphos. Domestic property sales rose 27% to 330, data showed, while 93 deals involving foreign buyers were completed, up 39%, on the year.

The Cypriot economy is expected to continue on its recovery path this year after contracting by more than 6% in 2013 when its banking system nearly collapsed and the country signed up for a bailout from international creditors. It is forecast to expand by 2.5% this year, versus 2.8% in 2016, according to the latest forecasts from the European Union.