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REAL ESTATE

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Property Sales Surge in March

Property Sales Surge in March

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.

This follows increases of 46% in February, 64% in January and 36% in December, Cyprus Property News reports. 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) – and although banks remained burdened with very high levels of non-performing loans (NPLs) they are now in a better position to grant loans to those buying property.

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.

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.
 

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