After several disastrous months, during which the number of housing transactions has been steadily declining, there is a positive trend in property sales in Cyprus.
For the second month in a row, the country recorded an increase in the number of contracts for the purchase and sale of housing.
According to the Land Registry, a total of 832 real estate transactions were closed in Cyprus during April 2021, an increase of 285% over the same month last year. At the same time, sales growth in the first four months of 2021 was observed in all regions of the island (exept for Paphos).
In particular, the number of sales was as follows:
- Limassol: 292 contracts were registered in April (72 in the same month last year, an increase of 306%).
- Nicosia: 229 contracts were registered in April (38 in the same month last year, an increase of 503%).
- Famagusta 46 contracts were registered in April (10 in the same month last year, an increase of 360%).
- Paphos 130 contracts were registered in April (72 in the same month last year, an increase of 81%).
- Larnaca: 135 contracts were registered in April (24 in the same month last year, an increase of 463%).
At the same time, in the first four months of 2021, the number of transactions for the sale of real estate in Cyprus increased by 28% as 2,817 sales and purchase agreements were concluded (2207 in the same period in 2020).
In cities, the situation is as follows:
- Limassol: 851 contracts were registered in the first 4 months of 2021, (620 in the same months last year, an increase of 37%).
- Nicosia: 875 contracts were registered in the first 4 months of 2021, (552 in the same months last year, an increase of 59%).
- Famagusta: 166 contracts were registered in the first 4 months of 2021, (148 in the same months last year, an increase of 19%).
- Paphos: 465 contracts were registered in the first 4 months of 2021, (492 in the same months last year, down 5%).
- Larnaca: 450 contracts were registered in the first 4 months of 2021, (395 in the same months last year, an increase of 14%).
It is worth noting that the Department of Lands and Research has not yet released data on foreign buyers of real estate for April, but the data for March shows an increase property sales in Cyprus to EU citizens by 53% and a decrease in sales to third-country nationals by 14% compared to March 2020.