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Property sales up for second consecutive month

Property sales in Cyprus improved for the second consecutive month in April with the total number of contracts of sale deposited at Land Registry offices up 9 percent compared to April 2013.

FIGURES released by the Department of Lands and Surveys yesterday report that the number of contracts for the purchase of property deposited at Land Registry offices across Cyprus during April stood at 311 compared to the 285 deposited in April 2013; an increase of 9 percent.

This is the second successive month that the number of property sales has risen, following an increase of 20 percent in March.

But it is likely that the improvement over last year’s figures is due to the drop in sales last year following the decisions of the Eurogroup that resulted in the closure of the banks for several days and the imposition of restrictions on trade.

During April, the main commercial centres of Nicosia and Limassol fared best with the number of sales rising by 97% and 28% respectively, while sales in Famagusta rose by 4%.

However, these increases were almost offset by a fall in sales of 31% in Larnaca and a 14% fall in Paphos.

Cyprus property sales – April 2014

Overall sales during the first four months 2014 are down 3% compared with the same period last year. However, it looks as if the property market may be improving from last year’s record low.

Readers' comments

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  • @Adrian – The Department of Lands and Surveys publishes the raw data – and I write the text (so if anyone’s guilty of propaganda mea culpa).

    Working with such small numbers any minor increases or decreases in the number of sales translates into very high percentages.

    If you look back to 2007, the number of sales made in April reached in 1,556 – 5 times more than April this year.

  • Adrian says:

    The figures are all very interesting if they are accurate but can be misleading propaganda. A drop of 3% in pafos was 13 properties but an increase of a massive 97% was only 36 properties. I suspect that the Land Registry uses the same manipulation for title deeds issued and title deeds available.

  • MartynG says:

    Looks like the overall market is simply ‘bumping along the bottom’, doubtless some distress sales are included and so far the Cyprus banks seem at best to be dithering as to what to do about ‘NPLs’, how to categorise and then deal with them: (‘used to be indecisive, now not so sure’ comes to mind!)

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