Cyprus property sales rebound in March, up 16%

Property sales in Cyprus rebounded in March amid a push by Cypriot banks to offload real estate assets in a bid to reduce non performing loans, according to data released Tuesday.

Figures from Cyprus' Department of Lands and Surveys showed that property sales rose to 626 from 539 in March, 2015.

After getting off to a strong start to the year in January, there was a 9% dip in real estate sales in February, the first drop in more than a year.

Data also showed that property deals rose 10% to 1505 for the first quarter, with Pafos, in south west Cyprus, the best performing area where sales jumped 20%.