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Sharp rise in property sales in February

February saw a sharp rise in property sales compared to the numbers sold in the corresponding month last year according to official figures published by the Department of Lands and Surveys.

Sharp rise in Cyprus property salesDURING February 2019, the number of property sales contracts deposited at Land Registry office across the Republic of Cyprus rose 25% compared to February 2018 according to official figures published by the Department of Lands and Surveys.

Apart from a 48% fall in sales in December 2018 due to the rush to buy land in December 2017 before the government introduced VAT on land sales, the number of property sales has increased for the past 22 months.

February 2019 saw a total of 834 contracts deposited at Land Registry offices for the sale of commercial and residential properties and land compared with 666 in February 2018.

Although property sales remained static in Limassol and fell by 8% in Famagusta, they rose 102% in Nicosia, 29% in Paphos and 26% in Larnaca.

The figures show a continuing improvement in the economic sentiment, together with government incentives designed to boost property sales and drive foreign investment.

However, following pressure from Europe, the cabinet approved changes to Cyprus’ citizenship-by-investment scheme last month to make it “more targeted and trustworthy”, according Finance Minister Harris Georgiades. These changes may, in time, reduce foreign investment.

(Further details of the revised scheme may be found at Cyprus Investment Programme and Cyprus Investment Programme – 15 May 2019.)

Total Property Sale Contracts – 2018/2019 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia20181469612611715314617691118145161131
2019161194
Famagusta2018485240527961615045574748
20195348
Larnaca2018112991168311313311294121116143103
2019114125
Limassol2018225256314246282338314262251289344290
2019251256
Paphos2018164163172157201180233156152204230230
2019187211
Totals2018695666768655828858896653687811925800
2019766834

Property sales – year to date

Sales during the first two months rose 18% compared to the same period last year. Total sales until the end of February stood at 1600 up from 1361 last year.

Sales in Nicosia rose 47% followed by Paphos, where sales rose by 22%. Meanwhile sales in Larnaca, Limassol and Famagusta have risen by 13%, 5% and 1% respectively.

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