Cyprus Property News for home buyers and real estate investors

Wednesday 2nd December 2020
Home Property Sales Sharp rise in property sales in February

Sharp rise in property sales in February

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)

Total Property Sale Contracts – 2018/2019 Comparison

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2018 146 96 126 117 153 146 176 91 118 145 161 131
2019 161 194
Famagusta 2018 48 52 40 52 79 61 61 50 45 57 47 48
2019 53 48
Larnaca 2018 112 99 116 83 113 133 112 94 121 116 143 103
2019 114 125
Limassol 2018 225 256 314 246 282 338 314 262 251 289 344 290
2019 251 256
Paphos 2018 164 163 172 157 201 180 233 156 152 204 230 230
2019 187 211
Totals 2018 695 666 768 655 828 858 896 653 687 811 925 800
2019 766 834

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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