The impressive growth in Cyprus property sales continued inMarch with the number of properties sold rising in all districts (with theexception of Famagusta) according to the Department of Lands and Surveys.
The number of property sales contracts deposited at LandRegistry offices across the Republic of Cyprus during March 2018 rose 23 percent compared to March 2017 according to official figures published by theDepartment of Lands and Surveys.
During March a total of 768 contracts or the sale ofresidential and commercial properties and land (building plots and fields) weredeposited at Land Registry offices across Cyprus, compared with the 626deposited in March 2017.
The figures show a continuing improvement in the economicconditions, coupled with government measures (such as the citizenship byinvestment scheme). Of the 768 contracts deposited, 431 (49%) were forproperties purchased by Cypriots, while the remaining 337 (51%) were forproperties purchased by non-Cypriots. Of those 113 were deposited by EUnationals and the remaining 224 by non-EU nationals. Paphos recorded the largestnumber of overseas sales at 129. Limassol recorded 83, Larnaca 49, whileNicosia and Famagusta each recorded 22 sales
Although sales in Famagusta remained the same as last year,they increased in all the other districts. In percentage terms Nicosia led theway with sales rising by 59% followed by Limassol, where sales rose by 35%.Meanwhile sales in Paphos and Larnaca rose by 6% and 3% respectively.
During the first quarter of 2018, property sales to thedomestic market have fallen 6% compared with the first quarter of 2017. Overthe first quarter of the year Limassol is the most popular district achieving458 sales followed by Nicosia with 314, Larnaca with 171, Paphos with 69 andFamagusta with just 33 sales.
During the first quarter of 2018, a total of 1,084 propertieshave been bought by overseas buyers. Paphos remains the most popular spot fornon-Cypriot buyers with sales reaching 430. Limassol is in second place with337, followed by Larnaca with 156, Famagusta with 107 and Nicosia with 54.