March 2021 saw a sharp increase in property sales in Cyprus.
According to the Ministry of Land Resources and Research, the number of transactions increased in the first spring month by 62%. A total of 862 purchase and sale agreements were concluded (510 in March 2020).
At the same time, the real estate market remained practically unchanged in the first quarter of 2021 as 1,985 housing units were sold (1991 in the first quarter of 2020).
It should be noted that the largest increase in the number of transactions in March occurred in the capital of Cyprus by 102%.
A total of 281 sales and purchases were concluded in Nicosia (139 in March last year). Sales in Nicosia increased by 26% during the first quarter of 2021. There were 646 housing units sold in Nicosia (514 in the first quarter of 2020).
As for the rest of the cities of Cyprus, they also showed positive dynamics.
Limassol: 229 purchase and sale transactions were concluded in March 2021, which is 60% more than in March 2020, when 143 properties were sold. In the first quarter, sales in the city also increased by 2%. A total of 559 sales contracts were concluded, up from 548 in the corresponding quarter last year.
Paphos: sales grew 77% in March 2021. The city signed 143 sales contracts in a month (81 in March 2020). As for the figures of the first quarter of 2021, they, on the contrary, decreased by 20%. In total, 335 real estate transactions were recorded in Paphos in the first three months of the new year (420 in the same months of 2020).
Famagusta: real estate sales in March 2021 increased by 41%. A total of 58 sales contracts were signed in the city (41 in March 2020). From January to March 2021, the number of transactions decreased by 6% to 130 (138 in the same period last year).
Larnaca: the number of purchase and sale transactions in March 2021 increased by only 8% to 114 (106 in March last year). On the other hand, sales in the first quarter of 2021 in the city decreased by 15%. A total of 315 contracts were signed (371 in the same quarter of 2020).
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