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Cyprus property sales in March

10.04.2018

The impressive growth in Cyprus property sales continued in March with the number of properties sold rising in all districts (with the exception of Famagusta) according to the Department of Lands and Surveys.

The number of property sales contracts deposited at Land Registry offices across the Republic of Cyprus during March 2018 rose 23 per cent compared to March 2017 according to official figures published by the Department of Lands and Surveys.

During March a total of 768 contracts or the sale of residential and commercial properties and land (building plots and fields) were deposited at Land Registry offices across Cyprus, compared with the 626 deposited in March 2017.

The figures show a continuing improvement in the economic conditions, coupled with government measures (such as the citizenship by investment scheme). Of the 768 contracts deposited, 431 (49%) were for properties purchased by Cypriots, while the remaining 337 (51%) were for properties purchased by non-Cypriots. Of those 113 were deposited by EU nationals and the remaining 224 by non-EU nationals. Paphos recorded the largest number of overseas sales at 129. Limassol recorded 83, Larnaca 49, while Nicosia and Famagusta each recorded 22 sales

Although sales in Famagusta remained the same as last year, they increased in all the other districts. In percentage terms Nicosia led the way with sales rising by 59% followed by Limassol, where sales rose by 35%. Meanwhile sales in Paphos and Larnaca rose by 6% and 3% respectively.

During the first quarter of 2018, property sales to the domestic market have fallen 6% compared with the first quarter of 2017. Over the first quarter of the year Limassol is the most popular district achieving 458 sales followed by Nicosia with 314, Larnaca with 171, Paphos with 69 and Famagusta with just 33 sales.

During the first quarter of 2018, a total of 1,084 properties have been bought by overseas buyers. Paphos remains the most popular spot for non-Cypriot buyers with sales reaching 430. Limassol is in second place with 337, followed by Larnaca with 156, Famagusta with 107 and Nicosia with 54.

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