Passports and a pandemic put a brake on real estate

In November, after two months of rising growth, real estate sales declined, as evidenced by new data announced by the Land Registry.

According to the data, property sales in November decreased by 20%, with sales documents amounting to 723 from 907 in November 2019.

Regarding the eleven months of the year, the sales decrease is 24% and the stores at 7231 from 9456.

Real estate appraiser Polys Kourousidis estimates that the year will close to 8000 sales, which will be reduced by 20% compared to last year, "something that is not worrying considering all the circumstances we had this year (termination of the Cyprus Investment Program and pandemic), "He emphasizes.

Real estate sales in Limassol are reduced by 30%, while in Paphos, the reduction amounts to 42%. A decrease of 12% is also recorded in the free area of ​​Famagusta. In Larnaca, the drop is 17%, while in Nicosia, an increase of 3% is recorded.

In 2019 real estate sales increased by 12%, reaching 10366 plots from 9242 in 2018.