Cyprus Real Estate Sales Continue to Rise

The number of Cyprus real estate sales continued to rise in the first month of 2019 according to official figures published last week by the Department of Lands and Surveys.

Cyprus real estate sales were up by 10 per cent in January when compared to January 2017, proven by the number of sales contracts deposited at Land Registry offices in the Republic of Cyprus.

Cyprus real estate sales numbers have now risen on an annual basis for the last 21 months in a row, with the one exception of December 2018, when sales fell by 48 per cent due to the rush to buy land in December 2017 before the government introduced VAT on land sales.

A total of 766 contracts of sale for residential and commercial properties were deposited at Land Registry offices in January, compared to 695 in January 2018, confirming a rise of over 10 per cent.

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

Unemployment is also falling; down to 8.8 per cent in December 2018 from almost 17 per cent in 2013, becoming ever closer to the EU average. (Across the EU 28 members the unemployment rate stood at 6.6 per cent in December 2018.)

The coastal area of Paphos, long a favourite of British overseas property investors, led the way. Real estate sales in the Paphos area were up by 14 per cent to 187, compared to 164 in January 2018.

Limassol was the next best performer with a rise of 12 per cent in real estate sales, up from 225 in January 2018 to 251 last month.

Both Nicosia and Famagusta saw a rise of 10 per cent from the previous January, while even Larnaca enjoyed a rise of 2 per cent when compared to last year.