Cyprus Property Growth on the March

Cyprus property growth continued in March with all districts recording a rise in the number of property sales during the month.

The latest data released by the Department of Lands and Surveys has shown that March recorded a 23 per cent average rise in the number of sales contracts deposited nationally.

Cyprus property growth in sales has been constant in recent times, with increases of 46 per cent in February, 64 per cent in January and 36 per cent in December.

March saw a total of 768 contracts or the sale of residential and commercial properties and land (building plots and fields) deposited at Land Registry offices across Cyprus, compared with the 626 deposited in March 2017.

Over half of the transactions were by overseas property investors, proving that Cyprus is once again a favourite for foreign investment.

Of the 768 contracts deposited, 431 (49 per cent) were for properties purchased by Cypriots, while the remaining 337 (51 per cent) were for properties purchased by non-Cypriots.

Nicosia led the way with sales rising by 59 per cent followed by Limassol, where sales rose by 35 per cent. Sales in Paphos and Larnaca rose by 6 per cent and 3 per cent respectively.

On a quarterly basis, Cyprus property sales have risen by 41 per cent year-on-year when compared to the first quarter of 2017.

The highest rise of 75 per cent, was recorded in Famagusta, followed by the capital Nicosia with a 64 per cent increase. Rises of 47 per cent, 45 per cent and 4 per cent were recorded in Limassol, Paphos and Larnaca respectively.

The Land Registry figures reveal that a total of 337 sale contracts were deposited by non-Cypriots during March 2018. Of those 113 were deposited by EU nationals and the remaining 224 by non-EU nationals

Paphos recorded the largest number of overseas sales at 129. Limassol recorded 83, Larnaca 49, while Nicosia and Famagusta each recorded 22 sales.

The first quarter of 2018 saw a total of 1,084 properties purchased by overseas property investors, with Paphos remaining the most popular destination with 430 sales.

Limassol was the second most popular spot for foreign buyers with 337 sales, followed by Larnaca with 156, Famagusta with 107 and Nicosia with 54.