Property Sales Continue to Rise

The number of property sales in Cyprus continued to rise in January 2019 compared to the numbers sold in January 2018 according to official figures published today by the Department of Lands and Surveys.

CYPRUS property sales continued to rise in January, with the number of sales contracts deposited at Land Registry offices in the Republic rising by 10 per cent compared to the same month last year.

With the exception of December 2018, when due to the rush to buy land in December 2017 before the government introduced VAT on land sales, the number of property sales has increased for the 21 consecutive months. January 2019 saw a total of 766 contracts deposited at Land Registry offices for the sale of commercial and residential properties and land compared with 695 in January 2018; a rise of 10 per cent.

The figures show a continuing improvement in the economic conditions, together with government incentives designed to boost property sales and drive foreign investment. Unemployment is also falling; down to 8.8 per cent in December 2018 from almost 17 per cent in 2013. 

Property sales up in all districts In percentage terms, Paphos lead the way with sales up 14 per cent followed by Limassol, where sales rose by 12 per cent. Meanwhile sales in both Nicosia and Famagusta rose by 10 per cent, while sales in Larnaca rose by 2 per cent.