Annual real estate sales hit eleven-year highs

Real estate sales in Cyprus in 2019 exceeded 10,000, reaching the highest rate recorded since 2008, according to official statistics published by the Land Department.

A total of 910 contracts were delivered during December, compared to 800 in December 2018. Although the figures in Paphos and Limassol fell by 4% and 2%, respectively, they increased in the other three areas.

The total number of real estate sales during 2019 was the highest in the entire history of observations since 2008 (when 14,667 real estate properties were sold), with sales growing in all areas.

As a percentage, Nicosia saw the largest increase in sales of 44%. In equal second place were Larnaca and Paphos, where annual sales grew by 17%. Meanwhile, sales in Limassol and Famagusta grew by 3% and 2%, respectively.

In terms of the actual number of properties sold in each district, Limassol came out on top, and the total number of properties sold reached 3,517. Paphos took second place with 2,630 sales, Nicosia in third place with 1998 sales, Larnaca in fourth with 1568, and finally Famagusta - from 653.