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Cyprus property sales improving

The number of property sales in Cyprus during the first six months of the year has improved by almost a quarter on the number sold during the first six months of last year. However, they are still less than half of the number sold during the first six months of 2008.

ACCORDING to figures released by the Department of Lands and Surveys, 864 property sale contracts were deposited at Land Registries throughout Cyprus during June, the highest number since June 2009.

Throughout the first six months of 2010 the number of property sale contracts deposited at Land Registries throughout Cyprus amounted to 4,408 compared to 3,591 during the same period last year; an increase of 23%.

As we reported last Wednesday in the article Sales to non-Cypriots improving slowly, foreigners account for 928 (21.1%) of these contracts.

So far this year, property sales in Nicosia are up by 34% followed by Limassol and Famagusta, where sales have increased 22% and 21% respectively, while sales in Paphos have increased by 19% and sales in Larnaca 13% compared to last year.

Sales of property in Cyprus to June 2010

Source: Department of Lands and Surveys

Although property sales so far this year are up by nearly a quarter on last year, they are still less than a half of the number sold during the same period in 2008.

Readers' comments

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  • Richard says:

    Good to see – but of course we don’t know if these are just rock-bottom price distressed asset sales though.

    Can we (like the UK) see what the sales went through at? (@Richard – unfortunately no)

    Thanks for the continued excellent input on this website.

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