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Property sales improve but…

The latest property sales statistics for Cyprus published by the Department of Lands and Surveys report a 31 per cent increase in sales during March compared with March 2014

THE NUMBER of properties sold in Cyprus in March increased 31 per cent compared with March 2014 with sales improving in all districts with the exception of Famagusta.

In March a total of 452 contracts for the sale of commercial and residential properties and plots of land were deposited at Land Registry offices across Cyprus; an increase of 31% on the 344 contracts deposited during the same period last year.

Of those 450 contracts 91% (411) were deposited on behalf of domestic buyers, while 9% (41) were deposited in favour of overseas buyers.

Although sales fell 29% in Famagusta, they increased in all the other districts.

Sales in Limassol increased 60% to reach 160 compared to the 100 sold in March 2014. Sales in Larnaca went up 38%, while those in Nicosia and Paphos increased by 34% and 8% respectively.

Cyprus property sales - March 2015

Overall sales during the first quarter of 2015 are up 16% compared with the first quarter of last year with sales reaching 1098 compared to 948 last year.

Domestic sales

Domestic sales in March increased by 70% compared with the same month last year, rising to 411 from 242.

Sales increased in all districts lead by Limassol, where the number of properties sold increased 107% to reach 147 compared to the 71 sold in March last year. Sales in Paphos increased 72%, sales in Larnaca rose 63%, while sales in Famagusta and Nicosia rose 60% and 29% respectively.

Cyprus: Domestic property sales March 2015

During the first quarter of 2015, domestic sales are up 25% compared to the first quarter of 2014 increasing to reach 848 compared to 680 last year.

Overseas sales

With reports of Lebanese buyers being duped, the devaluation of the rouble and reports of Chinese buyers being ripped-off appearing in the Greek-language media, it isn’t surprising that overseas sales bombed in March with sales falling 60% compared to March last year

With the exception of Nicosia, where sales improved 71%, sales fell in all the other districts.

Sales in Famagusta fell 93% with just one property sold compared to the 14 sold in March 2014. Sales in Paphos were down 78%, while sales in Limassol and Larnaca fell 55% and 53% respectively.

Cyprus: Overseas property sales March 2015

During the first quarter of 2015, sales to the overseas market have dropped 7% compared to the first quarter of 2014 having fallen to 250 from 268.

Readers' comments

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  • Aggis Demetriou says:

    Mike;
    I purchased an older 2 bedroom flat in Limassol Molos beach front full sea views and yes it has title for a mere €52k , what I would call a steal, it’s rented now and producing 12% return, with all the property problems Cyprus may have, it still a good place to invest.

  • Steve says:

    I wonder how many of the 452 buyers bought property/land with title deeds available and no mortgages attached. Quick guess – most of them?

  • Mike says:

    The 411 domestic buyers I can understand, the 41 foreign buyers either have money to burn, launder or are just blinkered to the numerous warnings out there or in fact just don’t care if they risk losing everything. Goes to show that there are all sorts of people out there and each of them far too easily parted from their money.

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