Cyprus property sales up nearly 20% in a year

In March 2016, 539 transactions involving residential, commercial and land properties were completed on the island.

In the first month of spring this year, property sales in Cyprus began to rise again. In March, the number of transactions increased by 19% compared to the same period in 2015.

Sales increased in all regions of the country except the capital. In Nicosia, the total number of transactions fell by 1% year-on-year, but in Famagusta it jumped by 94%. Larnaca and Limassol showed an increase of 23%, and in Paphos – by 19%. Of course, there is still a long way to go before the general sales surge of 54% in January, but compared to the modest 2% year-on-year in February, the spring sales growth looks quite optimistic. Moreover, the general statistics add confidence in the market recovery. Sales growth has been recorded in Cyprus for seven months in a row. In March, local buyers made 382 transactions, which is 72% of the total number of sales. Foreign investors accounted for 157 purchases or 29% of all transactions.