The drop in real estate sales with the effects of the corona on the Cypriot real estate market being more than obvious.
According to data from the Department of Land Registry marking a sharp decline of 71%.
Sale recorded throughout Cyprus in May was limited to 419 compared to 1424 in the same months last year.
At the same time, the sales documents submitted to the provincial cadastral offices in the period January-May 2020 fell by 46%, to 2,626 compared to 4,846 in the corresponding period of 2019.
All cities are under pressure. According to the statistics, the data are the following:
- In Limassol, only 112 real estate sales were done, compared to 546 in May 2019 (fell by 79%). While for the first five months of 2020 sales fell 59% to 732 from 1,768 in the first five months of 2019.
- The picture was bleak in Paphos as well, which counts 120 sales documents this May from 404 last May, with the decline reaching 70%, while for the first five months of the year the decline in sales amounted to 49%, with 612 transactions from 1,211 in the corresponding period last year.
- Real estate sales in Nicosia fell by almost half (53%) to 100 from 213 in May 2019. For the first five months of the year, sales in the capital fell by 652 compared to 868 in the same period in 2019.
- Larnaca's sales fell 66% in May this year, reaching 59 from 173 in the same month last year, while sales for January-May 2020 fell 32% to 454 from 670 in the same months of 2019.
- Regarding the free area of Famagusta, real estate sales were sufficient on 28 May 2020 compared to 87 in the same month of 2019, down 68%, while for the first five months they decreased by 47% to 176 compared to 329 in the same period last year.