Cyprus real estate professionals are more pessimistic about the market future, as home sales in the country are at a low level compared to the pre-COVID period.
According to fresh data published by the Department of Lands and Surveys on Saturday, August 8, from January to July 2021, real estate sales in the country decreased by 17% compared to the same period in 2019.
At the same time, despite the fact that real estate sales increased by 31% compared to the same period in 2020, experts said that this is not enough to get closer to the pre-COVID indicators.
It is worth noting that the volume of trade documents fell in 2020 to its lowest level since 2016. 7,968 housing units were sold (in 2019 it was 10,366). The annual decline was 23.1%.
From January to July 2021, 5365 contracts for the purchase and sale of residential and commercial real estate, as well as land plots were concluded. In comparison with last year, this figure was 4097, and in 2019 - 6456.
3,612 transactions were concluded with local residents (67.3% of total sales), and only 1,753 transactions with foreign buyers (32.7% of total sales).
It is not the first month that Nicosia has become the leader in terms of the number of real estate sold in Cyprus. From January to July 2021, 1,582 objects were sold in the capital, an increase of 45%.
In Limassol, property sales decreased by 26% from January to July 2021. A total of 1,673 sales and purchases were concluded (from 2,273 in 2019).
In Larnaca, 843 real estate sales and purchases were registered, compared to 929 in the same period of 2019, an increase was 9%. In Famagusta, the drop was 14%.
In Paphos, 904 properties were filed in the first 7 months of 2021, up from 1,646 in 2019, down 45%.
If you are looking for a property in Cyprus, then contact the DOM Real Estate. 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.