Cyprus Property Sales Continues to Rise in May 2019 by 72%

The number of Cyprus property sales surged in May 2019 reaching the highest number recorded since July 2008 according the official figures released by the Department of Lands and Surveys.

MAY saw another surge in the number of Cyprus property sales during May compared to the corresponding month last year, with the number of contacts deposited at Land Registry offices up 72% according to official figures published by the Department of Lands and Surveys.

During May 2019 a total of 1,423 contracts were deposited for the sale of commercial and residential properties and land compared with 828 in May 2018 – and the largest monthly figure recorded since July 2008 when 1,542 contracts were deposited. Property sales rose in all districts with Paphos leading the way where sales more than doubled. Meanwhile, sales in Limassol rose by 94%, sales in Larnaca rose by 53% and sales in Nicosia (the capital) and Famagusta rose 39% and 10% respectively.

During the first five months of 2019, the number of sales increased by 34% to reach 4846 compared to 828 in the corresponding period of last year. In percentage terms, sales in Paphos rose 41%, sales in Nicosia rose 36%, sales in Limassol rose 34% and sales in Larnaca and Famagusta rose 28% and 21% respectively.