Slight increase in property sales

According to the latest official figures released by the Land Department, in October there was a slight increase in property sales in Cyprus compared to the corresponding month last year.

In October was a small rise of less than 1%, with the total number of registered contracts reaching 813 compared to 811 contracts held in October 2018, according to the latest official data. Although real estate sales in Larnaca and Nicosia rose 38% and 26% respectively, they fell 21% in Limassol, 12% in Famagusta and 6% in Paphos.

In the first ten months of 2019, the number of sales increased by 14% and reached 8549, compared to 7517 in the corresponding period last year. Although sales in Famagusta fell by 1%, in the other four areas they grew. In percentage terms, Nicosia leads the way, increasing sales by 23%, reaching 1,610 compared to 1,314 in the first ten months of 2018. Paphos, which is preferred by overseas buyers, showed sales growth of 22%, followed by Larnaca and Limassol, where sales grew by 17% and 6% respectively.

According to the total number of real estate sales, Limassol comes first with 2937, followed by Paphos from 2177, Nicosia from 1610, Larnaca from 1284 and, finally, Famagusta from 541.