Property sales in Cyprus increased by 31% over a year

The amount of properties sold in Cyprus in March increased by 31% compared with March 2014 with sales improving in all districts except for Famagusta.

In March 2015 a total of 452 contracts for the sale of commercial and residential properties and plots of land were deposited at Land Registry offices across Cyprus, recording an increase of 31% compared to the 344 contracts deposited during the same period in 2014.

According to CyprusPropertyNews, 411 contracts out of 450 were deposited on behalf of domestic buyers, while 41 were deposited by foreign buyers. The only district where the sales fell is Famagusta. Indeed a record of 29% drop has been fixed there. While overall sales during the first quarter of 2015 grew by 16% year-on-year. Domestic sales in March increased by 70% (25% year-on-year). Sales to foreigners, with reports of Lebanese buyers being duped, the devaluation of the rouble and reports of Chinese buyers being ripped-off appearing in the Greek-language media, dropped by 60% year-on-year. During the first quarter of 2015, sales to foreign buyers dropped 7% compared to the first quarter of 2014.

Out of all the towns on the island the highest number of sales was recorded in Limassol with an increase of 60%.