The number of property sales in October (as measured by the number of contracts deposited at Land Registry offices) rose 12 per cent compared to October 2022 according to official figures from the Department of Lands and Surveys.
Although there’s been a marginal slowdown in the rate of growth in sales over the past couple of months, Cyprus remains firmly on target to achieve the highest number of property sales on record since 2008 by the end of the year.
However, it’s unclear whether the crisis in the Middle East will impact the market and estate agents say it’s too early to come to any concrete conclusions.
The total number of property sales achieved in October, which include domestic dwellings, retail premises, offices, warehouses and land (fields and plots), reached 1,306 compared to 1,171 in October 2022.
Although sales in Limassol fell by 1 per cent, they rose in remaining four districts. But despite the fall Limassol recorded the highest number of sales (383), followed by Nicosia (292), Paphos (275), Larnaca (264), and finally Famagusta (92).
Year to date property sales
Sales during the first ten months of 2023 sales reached 12,825; an increase of 19% compared to the 10,781 achieved in same period last year with sales rising in all districts.
It is also the highest number of contracts deposited since 2008 when the number reached 12,245.
