According to the data, sales contracts submitted to the Land Registry totalled 2,355 compared to 1,884 at the same period last year.

In May, property sales were up by 17% year-on-year with 474 sales contracts submitted in relation to 405 in May 2015. Larnaca sales boomed with an increase of 51%. Sales growth was recorded in most districts, with Paphos second with 26%, Famagusta with 14% and Limassol with 7%. However, Nicosia property sales dipped in May by 5% y-o-y.

District data for the first five months of the year shows Famagusta as the frontrunner with an increase of 52%, followed by Larnaca (+36%), Limassol (+29%), Paphos (+16%) and Nicosia (+8%).

The number of property transfer cases in May totalled 998 for 1,123 units, with the total stated amount at €218,329,262 and the total transacted amount coming to €233,199,848. In May 2015, the number of property transfer cases were 858 and regarded 920 units, with the total stated amount for the transfers reaching €163,799,456 and the total accepted amount at €172,172,909.

In the first five months of 2016 the number of property transfer cases reached 4,605 for 5,454 units, with the total stated amount for the transfers coming to €1.2 bn and the total accepted amount coming to €1.33 bn. In the first five months of 2015, the number of property transfer cases were 3,379 for 3,697 units, with the total stated amount for the transfers coming to €635.5 m and the total accepted amount to €679.79 m.

Source: Financial Mirror