551 properties were sold in Cyprus in May 2014, which exceeds last year's figures by 2.5 times. In annual terms, the number of transactions with housing and commercial premises has been growing for the third consecutive month, according to ee24.com citing cyprus-property-buyers.com. In the first five months sales have grown by 20% to 1,810 properties.
The proportion of foreigners in May was 28%, while Cypriots continued to dominate the market, concluding 72% of transactions. In terms of sales growth Nicosia became the leader: in 5 times more houses and flats were purchased there (117). Number of transactions in Famagusta increased fourfold (48), in Limassol - in 2.5 times (162), in Paphos - twofold (148), in Larnaca - in 1.5 times (77).
Recall that in Q1 2014 the real estate in Cyprus dropped in value the most in the world after Croatia (-8.7% y-o-y). The market is still recovering, and experts predict that price decline to continue.