Due to the huge selection and wide range of prices, property in Cyprus in the last decade has become available not only to millionaires, but also to ordinary people with an upper middle income.
Buying a home in Cyprus can be a profitable investment for some, others see here an opportunity to obtain permanent residence permit on the island, and become residents of the European Union.
Nevertheless, despite the popularity of Cyprus real estate, due to the closure of the passport program and the coronavirus pandemic, home sales are low.
So, the number of transactions in the country decreased by 17% for seven months of 2021 compared to the same period of 2019 (before the pandemic) and increased by 31% compared to the same period of 2020.
According to the latest data released on Thursday, August 5, by the Land Registry Office, the number of contracts for the sale of real estate in Cyprus was 5,365, compared to 4,097 in the same period last year and 6456 during the first 7 months of 2019.
It should be noted that the increase in the number of transactions compared to last year is primarily due to numerous lockdowns, which significantly reduced economic activity, and also suspended the work of the Land Registry Office for some time.
The largest number of sales and purchase transactions from January to June were concluded with locals. They accounted for 67.3% of the total sales volume, or 3612 contracts. In comparison, for the first 7 months of 2020, this figure was 1660, in 2019 it was 2902.
As for foreign buyers, from January to June 2021 they bought 1,753 real estate objects in the country (33% of the total sales).
Property sales were up 5% in July (on an annualized basis), compared to 43% annual growth in June and 81% in May.
Sales to foreign buyers also showed positive dynamics, increasing in July by 16.7% (on an annualized basis). The total number of contracts was now 314 (269 in July 2020 and 429 in July 2019).
As for home sales by city of the island, for the first seven months of 2021:
- 1,582 properties were sold in Nicosia compared to 1,080 in 2020 (+ 46%) and 1,187 in 2019 (+ 33%)
- 1,673 properties were sold in Limassol compared to 1,188 in 2020 (+ 41%) and 2,273 in 2019 (-26%)
- 843 properties were sold in Larnaca compared to 694 in 2020 (+ 11%) and 929 in 2019 (-9%)
- 904 properties were sold in Paphos compared to 842 in 2020 (+ 7%) and 1646 in 2019 (-45%)
- 363 properties were sold in the free areas of Famagusta, compared to 292 in 2020 (+ 24%) and 421 in 2019 (-14%).
If you are looking for a property in Cyprus, then contact DOM Real Estate. The website contains a large selection of real estate objects - residential and commercial. Experienced agency specialists will be happy to help you make the right choice.