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Property sales displayed an increase in September, albeit in the shadow of concerns over the fate of the foreclosures bill.

The number of submitted sales documents reached 373 in September, a 31% increase on the 285 submitted in September 2013. The increase was also higher than the 26% rise recorded comparing August 2013 and 2014.

However, Vice Chairman at Real Estate Agents Association Solomon Kourouklides has cautioned, the figures are not representative of so-called true market conditions.

In comments made to Stockwatch, Kourouklides said: “People expected the law on repossessions to be voted in and many rushed to make some sales to service their loans. These sales are not ordinary sales; they are made out of necessity by land developers and private individuals.”

How the property market may be affected by the foreclosures law depends very much, Kourouklides explained, on how banks decide to enforce it, and on other auxiliary laws the House might vote in, such as the solvency law.

Between the start of the year and September, there have been 3,328 property sales, a 24% increase on the 2,684 sales made over the same period in 2013.

Increases were recorded in all towns with Limassol enjoying the greatest rise of 51%, with sales totaling 1,057 compared to 702.

The next highest increase was recorded in the Famagusta district, with a 37% rise from 172 to 235.

Property sales in Larnaca, meanwhile, increased by 24% from 557 until September this year compared to 449 by the end of the same month last year.

In Nicosia, the increase was also 24% - rising from 501 to 583 – while Paphos registered the lowest increase of 4%, from 860 to 896.