According to new data from the Cyprus Land Department, 1,657 sales contracts were concluded in the island state in July 2024, compared to 1,362 in the same month of 2023. This represents an increase of 22 percent.
Looking at the details, the positive momentum in July was recorded in all the island's cities:
Limassol recorded a 29 per cent increase in property sales. In this Cypriot city, 552 sales transactions were concluded, compared to 429 in the same month of 2023.
- In Paphos, residential sales increased by 3 per cent to 294 units from 286 units a year earlier.
- In Larnaca, 418 sales contracts were signed compared to 326 in July 2023. The increase in sales was 28 per cent.
- In Nicosia, 310 units were sold compared to 260 units in July 2023 (+19%).
- In the Free neighborhoods of Famagusta, 83 properties were sold compared to 61 units a year earlier. The increase in sales was 36%.
In turn, the total volume of residential property sales in Cyprus increased by 2% between January and July. A total of 9,210 contracts were signed on the island, compared to 9,051 in the same period last year.
At the same time, the Land Department stressed that this year Cyprus set a new record for the number of property sales from January to July.
Incidentally, the last time the best figures were recorded was in 2008, when sales reached 10152 units.
Limassol led the way in terms of transactions for seven months. In this city, 2,953 housing units were sold. However, this is 5% less than in the same period in 2008, when 3,105 units were sold. In second place was Nicosia: 2,072 units against 1,676 units (+24%). In third place was Larnaca: 1,994 units against 1,777 units a year earlier (+12%). This was followed by Paphos: 1,780 units compared to 2,062 units in the first seven months of last year (-14%). And the free neighbourhoods of Famagusta, where 411 units were sold compared to 431 units a year earlier. The decline was -5%.
Yes, the construction sector in Cyprus is actively recovering and has shown strong and uncompromising growth for the third year in a row. Limassol is the leader in terms of number of transactions, this is where most of the islanders want to live and work, - said Maxim Arte, broker of DOM Real Estate agency in Limassol.