Latest Headlines

Property sales jump (updated)

Property sales in March increased 20 percent compared to the corresponding period last year according to official statistics published earlier this week by the Department of Lands and Surveys.

MARCH property sales statistics published by the Department of Lands and Surveys show an increase in the number of contracts for the purchase of property deposited at Land Registry offices across Cyprus compared to March 2013.

During March a total of 344 contracts for the sale of commercial and residential properties and plots of land were deposited at Land Registry offices across Cyprus; an increase of 20% on the 286 contracts deposited during the same period last year.

Of those 344 contracts 70% (242) were deposited on behalf of domestic buyers, while 30% (102) were deposited in favour of overseas buyers.

Although property sales in Nicosia fell 23%, they increased in all the other districts.

Sales in Limassol increased 85% to reach 100 compared to the 54 sold in March 2013. Sales in Famagusta went up 85%, while those in Larnaca and Paphos increased by 29% and 4% respectively.

Cyprus property sales - March 2014

Overall sales during the first quarter of 2014 are down 6% compared with the first quarter of last year.

Domestic sales

Domestic sales in March increased by 13% compared with the same month last year, rising to 242 from 212.

With the exception of Nicosia, where sales declined 28% compared to March 2013, sales improved in all districts.

Limassol experienced the greatest improvement with domestic sales up 78%, reaching 71 compared to 40 in March last year – and after an abysmal performance in February, sales in Famagusta increased 67% compared to March last year. Meanwhile, sales in Larnaca and Paphos rose by 17% and 14% respectively.

Cyprus: Domestic property sales March 2014

During the first quarter of 2014, domestic sales are down 11% compared to the first quarter of 2013 having fallen from 1,013 to 948.

Overseas sales

Sales to the overseas market in March improved 7% over last year rising to 102 from 72.

With the exception of Paphos, where sales weakened 8% compared to March 2013, sales improved in all districts, albeit from very low levels.

Larnaca led the charge with sales increasing 114% to reach 15 compared to the 7 in March last year. Sales Limassol increased by 107%, while those in Famagusta and Nicosia increased by 100% and 75% respectively.

Cyprus: Overseas property sales March 2014

During the first quarter of 2014, sales to the overseas market are up 7% compared to the first quarter of 2013 having increased to 268 from 251.

Readers' comments

Comments on this article are no longer being accepted.

  • @Robert Briggs – It is impossible to say how many of these properties have unencumbered title.

    However, Contracts of Sale are usually deposited in circumstances where:

    1. The purchaser is not a citizen of an EU Members State as they need permission of the Council of Ministers to own property.

    2. The purchaser is paying ‘cash’ and has paid a deposit on the property and the deposit of a Contracts of Sale prevents the vendor from reneging on the deal(unless the purchaser is Conor O’Dwyer).

    3. The Title Deed for the property is not available for whatever reason.

  • Robert Briggs says:

    With this sudden and exponential increase in property sales.
    How many of these sold properties come with full, clean and unencumbered Title Deeds at point of sale?
    Please inform and many thanks for your help. RB.

  • John Swift says:

    Yet Paphos shows only 3.5%, could it be other regions in Cyprus have stopped asking unrealistic prices whereas the emails I receive from Buy Sell are still in fantasy land around Paphos.

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.

  • Text size

Back to top