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Property transactions up 10% in May, land registry says

The number of property transactions rose an annual 10 per cent in May, to 828, the highest in 2018, on a strong increase in Nicosia and Famagusta, the land department said.

The number of property sales in Nicosia rose 30 per cent, to 153 compared to the respective month of 2017, while in the district of Famagusta they rose 108 per cent, to 79, the Department of Lands and Surveys said in a statement.

The number of property transactions in Paphos increased 10 per cent, to 201, compared to a year before, it added. In Limassol, the real estate market’s hub in the post-crisis years, and in Larnaca, the number of properties that switched owners fell 5 per cent, to 282, and 5 per cent, to 113 respectively.

The decline in property transactions in Limassol, is the first since February last year.

In the first five months of the year, the number of property transactions rose 31 per cent, to 3,612 compared to the respective period last year, the department said.

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