Figures released by the Department of Lands and Surveys recently report that the number of contracts for the purchase of property deposited at Land Registry offices across Cyprus during April 2014 stood at 311 compared to the 285 deposited in April 2013; an increase of 9%.

This is the second successive month that the number of property sales has risen, following an increase of 20% in March. But it is likely that the improvement over last year’s figures is due to the drop in sales last year following the decisions of the Eurogroup that resulted in the closure of the banks for several days and the imposition of restrictions on trade.

During April, the main commercial centres of Nicosia and Limassol fared best with the number of sales rising by 97% and 28% respectively, while sales in Famagusta rose by 4%. However, these increases were almost offset by a fall in sales of 31% in Larnaca and a 14% fall in Paphos.

Overall sales during the first four months 2014 are down 3% compared with the same period last year. However, it looks as if the property market may be improving from last year’s record low.

Source: Cyprus Property News