Cyprus property sales reached €1.9bn last year

Property sales in Cyprus reached a total of €1.9 billion last year, according to the latest figures.

The data, released by the Department of Land and Surveys last week, revealed that transactions in the fourth quarter of the year totalled €571 million, with forced sales accounting for €2.3 million of sales.

Forced sales are "any sale of property by public auction performed in pursuance to a statutory provision or as a result of the execution of a writ of sale of immovable property, judgement or order issued by a competent Court," explains Cyprus Property News.

The latter could include sales of properties under mortgage, either prompted by an application from a mortgagee or a Court judgement, sales prompted by an application filed by a judgement creditor, or sales ordered by a writ of sale issued by the Court.

The total value of forced sales across the year hit €10.2 million, with 184 sales carried out overall compared to 10,846 voluntary sales.