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.
For some, buying a home in Cyprus is a profitable investment, for others it is one more opportunity to obtain permanent residence, and at the same time become real residents of the European Union.
It is worth noting that despite the closure of the passport program and the crisis caused by the coronavirus pandemic, home sales in Cyprus are gradually recovering.
So, for nine months of 2021, the number of transactions in the country increased by 29% compared to the corresponding period of 2020, while the best indicators were recorded in Nicosia. In the capital of Cyprus, the number of sales and purchases exceeded the 2019 sales level.
According to the latest data released on Wednesday, October 6, by the Department of Lands and Surveys, the total number of contracts for the purchase and sale of real estate from January to September was 7,003, compared to 5,444 in the corresponding period last year.
At the same time, if we take into account the same period of 2019, the number of transactions decreased by 9%. From January to September 2019, 7,736 sales and purchase agreements were signed in Cyprus.
It is worth noting 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 Department of Lands and Surveys for some time.
As for home sales by city of the island, for the first nine months of 2021:
- 1968 properties were sold in Nicosia compared to 1433 in 2020 (+37%) and 1427 in 2019 (+38%)
- 2221 properties were sold in Limassol compared to 1634 in 2020 (+ 36%) and 2709 in 2019 (-18%)
- 1,133 properties were sold in Larnaca compared to 898 in 2020 (+26%) and 1,124 in 2019 (+1%)
- 1,200 properties were sold in Paphos compared to 1,089 in 2020 (+10%) and 1985 in 2019 (-40%)
- 481 properties were sold in the controlled areas of Famagusta compared to 390 in 2020 (+23%) and 491 in 2019 (-2%).
According to the Department, most provinces of Cyprus are experiencing increased demand from local buyers, mainly for apartments and houses of smaller size and value than in the past.
If you are looking for a property in Cyprus, then contact DOM Real Estate portal. The website has a large selection of real estate objects - residential and commercial. Experienced agency specialists will be happy to help you make the right choice.
