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Property transactions up 16% in March

The number of properties that changed hands in March rose an annual 16 per cent island-wide to 626, the highest March figure since 2011, the Department of Lands and Surveys said.

The increase in property transactions last month was mainly on a strong rise in Paphos, where the figure reported last month rose 53 per cent to 162 compared to the respective month of 2016, the land department said in a statement on its website. The number of property transactions rose in Limassol 18 per cent to 232 and in the Famagusta area 21 per cent to 40.

On the other hand, the number of property transactions in Nicosia and Larnaca fell last month 4 per cent and 7 per cent to 79 and 113 respectively compared to March 2016, the department said.

In the first three months of 2017, the total number of property transactions rose 10 per cent to 1,505 compared to the respective quarter of 2016, the department said. Property transactions rose in Nicosia 4 per cent to 224, 16 per cent in Limassol to 541, 3 per cent in Larnaca to 315 and 20 per cent in Paphos to 345. In Famagusta, they fell 11 per cent to 80.

The above figures include also cases of properties acquired by banks as part of loan restructuring agreements.



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