Property sales (as measured by the number of sale contracts deposited at Land Registry offices) surged in December recording the highest number for the last four years according to the property sales statistics published by the Department of Lands and Surveys.
Sales in December 2021 rose 74% compared to December 2020 with sales rising in all districts.
Property sales in Limassol rose 109% and in Nicosia they rose by 73%. Meanwhile, sales in Paphos, Larnaca and Famagusta rose by 66%, 51% and 27% respectively compared to December 2020.
The year-end surge may have resulted from a last-minute rush by Cypriots looking to take advantage of the government’s interest rate subsidy scheme.
In February 2021 ceiling for loans for house purchases was raised from €300,000 to €400,000 and the scheme provided an interest rate subsidy of 1.5% for a period of four years.
The subsidy scheme closed on 31 December.
Annual sales figures
The Department of Lands and Surveys’ statistics reveal that the number of property sales during 2021 surged 30% compared to 2020, with sales rising in all districts. despite the abrupt termination of the infamous ‘Golden Passport scheme‘ in November 2020 and Brexit.
Annual sales (10,347) have almost recovered to pre-pandemic number of 2019 (10,366.)
We expect that further analyses of property sales will be published by the DLS early next week.