Property sales increase by 19% in March 2016

A significant increase of 19% was recorded in property sales in March 2016 compared to March 2015, according to Land Registry data in relation with total property sale contracts submitted to the Registry.

Specifically, according to a report, the sale contracts reached 539 in March this year, compared to 452 in March 2015.

Furthermore, in the first quarter of 2016, the sale contracts amounted to 1367, compared to 1098 in the corresponding quarter of 2015, recording an increase of 24%.

Significant growth was also recorded in sales from foreign buyers (41 sales in March last year, 157 this year) which brings the increase in the first quarter to 19%.

In Nicosia, the sale contracts recorded in March 2016 a small decrease of 1% and reached 82, compared to 83 in March 2015.

In Limassol, sale contracts increased in March 2016 by 23% to 197 compared to 160 in March last year.

In Larnaca the contracts increased by 23%, to 121, compared to 98 in March 2015.

In Famagusta, the contracts increased by 94% in March 2016 to 33, compared to 17 last year and in Pafos there was an increase by 13%, to 106, compared to 94 in March last year.