Cyprus Property Sales at Eleven Year High

09/05/2019
Paphos is the attraction for the majorities of the European and Non- European buyers and entrepreneurs.

APRIL saw a sharp rise in Cyprus property sales compared to the numbers sold in the corresponding month last year, with the number of contracts deposited at Land Registry offices up 61% according to the Department of Lands & Surveys.

During April a total of 1,057 contracts were deposited at Land Registry offices for the sale of commercial and residential properties and land compared with 655 in April 2018 – and the biggest monthly figure recorded since September 2008 when 1,157 contracts were deposited.

Of those 1,057 contracts, 628 (59%) were deposited by Cypriots and the remaining 429 (41%) by non-Cypriots – 123 of whom were EU citizens and 306 non-EU citizens.

Property sales rose in all districts and the figures show a continuing improvement in the economic sentiment.

Property Sales – Year to Date
During the first four months of 2019 sales rose 23% compared to the same period last year.

Domestic Sales
Sales to the Cypriot market shot up 91% in April compared to April 2018, with significant rises in all districts.

During the first four months of 2019, domestic sales rose by 37% compared with the same period last year.

Overseas Sales
Property sales to the overseas (non-Cypriot) market during April 2019 rose by 32% with 429 contracts of sale deposited compared with 326 in April 2018.

During the first four months of 2019, sales to overseas rose by 9% compared with the same period last year.

Sales to EU Nationals
Property sales to EU nationals rose 31% in April compared with the same month last year.

During the first four months of 2019 sales to EU nationals have risen 17% compared to the first quarter of 2018.

Sales to Non-EU Nationals
Property sales to non-EU nationals rose 32% in April compared with the same month last year.

During the first four months of 2019 sales to non-EU nationals have risen 6% compared to the same period last year.