Cyprus property sales are growing from strength to strength according to official statistics from the Department of Lands and Surveys.
The total number of property sales (as measured by the number of contracts deposited at Land Registry offices) in February 2023 rose 8% compared to February 2022. This is the highest February figure since 2008.
These contracts will have included houses, apartments, commercial buildings and land.
With the exception of Nicosia, where the number fell by 18%, they rose in all other districts.
In percentage terms, Famagusta led the way followed by Paphos, Larnaca and Limassol (with the highest number recorded in Limassol.)
Year to date sales
Sales during the first two months of 2023 reached 2,222, an increase of 17% compared to the same period last year. Sales have risen in all districts with the exception of Nicosia.
Speaking to StockWatch, economist Tasos Yasemidis said that the number of sales documents filed at the Land Registry demonstrates the dynamics of the sector.
He noted that the value of the sales documents should also be considered, as the sector adapted to demand coming from the domestic market, people choosing Cyprus to relocate with their families, but also from markets such as Israel, the Nordic and Arab countries and the United Kingdom.
He went on to emphasise that “Increased mobility in the market, fuelled by the transfer of corporate headquarters to Cyprus, has strengthened prices and rents.
“Properties in Limassol initially, Paphos and Larnaca in recent months are in particular demand”.
