Cyprus property sales jump 59% in May - data

Cyprus' property sales jumped 59% in May with the southern city of Limmasol showing the largest growth, data from the country's Department of Lands and Surveys showed Thursday.

In May, 756 registered contracts of sale were submitted, versus 474 in the same month a year earlier. The number of sales contracts completed in Limassol reached 298, up 106% on the year, followed by a 58% rise in Famagusta to 38 sales contracts.

Cyprus' property market has been steadily rebounding in recent months amidst strong interest from foreign buyers though some property experts attribute part of the May jump to a last minute rush ahead of the imposition of VAT on commercial deals.

For the four month period, the number of sales contracts registered rose 17% to 2,767.