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Cyprus Residential Property Sales Dropping

Cyprus residential property sales have started dropping this year, recording a 7 per cent fall over the first two months of 2020.

Sales of Cyprus residential property were down in three districts, with only Nicosia, the capital, and coastal Larnaca maintaining their momentum.

But even though coastal Limassol recorded a drop over the first two months of 2020, it still ranks first in sales documents. And Nicosia ranks second in sales documents but first in property transfers, according to the Mediterranean island’s Department of Land and Surveys.

The report also has the overall number of Cyprus residential property sales documents over the first two months of 2020 standing at 1,481 from 1,600 the corresponding period last year.

Nicosia and Larnaca managed to maintain last year’s momentum with the capital’s sales documents increasing by 6 per cent to 375, and Larnaca’s up by 11 per cent to 265.

However, Limassol saw the biggest decline of all provinces with over a 20 per cent drop in sales documents which reached 405 from 507 the same period last year.

A similar downward trend in Cyprus residential property sales is recorded in Paphos district as well. The number of sales documents decreased by 15 per cent to 339 documents compared to 398 the same period last year. Sales in Famagusta remained almost the same, with 97 sales documents from 101 over the first two months of 2019.

Although data on overseas property investors has not been released yet, the decline is linked to changes in the controversial citizenship by investment plan and to the negative effects on international markets by the coronavirus.

However, real estate transfers showed a rise over the first two months, up to 2323 compared to 2275 last year. One of three properties is in Nicosia (680 in total), followed by Limassol with 664, Paphos with 440, Larnaca with 418 and Famagusta with 121.

Compared to last year, three districts recorded an increase in the number of transfers – Nicosia by 21 per cent, Limassol by 19.6 per cent and Famagusta by 17.5 per cent.

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