The Cyprus property market continues to actively recover.
According to data released by the Department of Lands and Surveys on Tuesday, July 7, property sales in Cyprus in the first half of 2021 increased by 38% compared to the same period last year.
In total, from January to June, 4501 contracts of purchase and sale of residential and commercial real estate, as well as land plots were concluded. Compared to last year, this figure was 3272.
This increase is partly due to the low performance of the previous year due to the quarantine, which significantly reduced economic activity, as well as the work of the land registry. By the way, in 2020 the volume of trade documents fell to the lowest level since 2016. 7,968 housing units were sold, up from 10,366 in 2019. The annual decline was 23.1%.
At the same time, 3,062 transactions were concluded with local residents (68% of the total sales), and with foreign buyers - 1,439 transactions (32% of the total sales).
It is worth noting that property sales in June rose 43% year on year (81% in May). Overseas sales grew by 74.6%.
It is noteworthy that Nicosia has become the leader in terms of the number of real estate sold in Cyprus for several months.
From January to June 2021, 1,336 properties were sold in the capital, compared to 830 in the same period last year. The increase was 61%.
In Limassol, property sales from January to June 2021 increased by 49%. A total of 1,396 sales and purchases were concluded, up from 934 last year.
In Larnaca, 711 real estate purchase and sale transactions were registered, compared to 563 in the corresponding period last year, an increase of 26%. In Famagusta, the growth was 29%.
In Paphos, 758 properties were filed in the first half of this year, up from 713 last year, up 6%.
If you are looking for a property in Cyprus, then contact DOM Real Estate. The website has a large selection of real estate objects, both residential and commercial. Experienced agency specialists will be happy to help you make the right choice.