Property sales record strong growth

Property sales in Cyprus increased for the third consecutive month in May with strong growth recorded in all districts compared to May 2013 according to the latest figures from the Department of Lands and Surveys.

PROPERTY sales during May recorded a strong growth compared to May 2013 according to figures published by the Department of Lands and Surveys giving hope that a recovery in the island’s property market may be underway. During May a total of 551 contracts for the sale of commercial and residential properties and plots of land were deposited at Land Registry offices across Cyprus; an increase of 157% on the 214 contracts deposited during the same period last year. Of those 551 contracts 72% (398) were deposited on behalf of domestic buyers, while 28% (153) were deposited in favour of overseas buyers.

In percentage terms, Nicosia led the field with sales increasing by 388% to reach 117 compared to the 24 sold in May 2013. Sales in Famagusta went up 327% and sales in Limassol increased 157%, while sales in Paphos and Larnaca increased by 121% and 57% respectively.