The Land Department has published data on property sales in Cyprus for April 2024.
According to the department's report, 1,366 residential sales transactions were concluded on the island, compared to 1,192 in the same month of 2023. The increase was 15 per cent.
The authority said that property sales on the island in April recovered from a disappointing 7% drop in March. What's more, this is the highest number of sales in April since 2007, when an all-time high of 1,556 transactions was recorded.
At a more detailed level, the positive trend in April was recorded in Larnaca (+44%), Nicosia (+43%), the free areas of Famagusta (+24%) and Limassol (+3%), while the negative trend was recorded in Paphos (-13%). Of the 1,366 sales transactions, 308 took place in Nicosia, 57 in the free areas of Famagusta, 309 in Larnaca, 440 in Limassol and 252 in Paphos.
In turn, from January to April 2024, 4,963 residential properties were sold in Cyprus, compared to 4,766 in the corresponding period of 2023. The increase was 4 per cent.
In Limassol, the number of transactions concluded during this period fell to 1,563, compared to 1,677 in the corresponding period of 2023. In Nicosia, 1,121 contracts were signed compared to 790 a year earlier. In Larnaca, the number of contracts increased from 898 to 1,032. In Paphos and the free areas of Famagusta, however, the number of transactions fell from 1,159 to 1,026 and from 242 to 221 respectively.
The positive momentum is no coincidence. The number of property transactions is set to increase throughout Cyprus. This is due to the climatic conditions, economic stability, high level of education and security on the island. The low tax policy is also attracting more and more investors and entrepreneurs. My personal feeling is that the biggest demand now is for commercial property. In second place are 3-bedroom houses with private swimming pools costing around €1 million. This proves once again that people are choosing Aphrodite's Island as their main residence," said Maxim Arte, broker at DOM's Limassol office.