Property sales soared to the highest level in six years in March

InCyprus.com recently reported that property sales have soared to the highest level in six years in March according to the Department of Lands and Surveys, with Paphos leading the way. The number of contracts for sale submitted for all Cyprus rose by 16% to 626 compared with 539 in March 2016. This was the highest level of sales in six years. In March 2010, the number of sales contracts submitted had been 792. For the first three months as a whole, total sales rose by 10% to 1,505.

Paphos topped the figures in terms of growth, with an impressive 53% increase in March to 162. This was the highest level for seven years. In January-March, sales in Paphos rose by 20% to 345. The highest number of sales was in Limassol, however, where sales rose by 18% in March to 232 and by 16% in the first quarter to 541. Sales in Larnaca dropped by 7% to 113 in March but were up by 3% for the first quarter to 315. Famagusta sales rose by 21% to 40 but were down by 11% for the first quarter to 80.

Separately, the Department of Lands and Surveys reported that the number of property transfers for sale reached 2,765 in the first three months of the year, representing 3,201 parcels of land. The total declared amount was €805.7 million while the total accepted amount was €860.1m.

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