Resicom – Holiday Investment – 04-21 – LB

Cyprus Real Estate Sales Up in October

Cyprus real estate sales continued to rise in October as the property recovery continues unabated.

October saw Cyprus real estate sales up by 6 per cent year-on-year compared to October 2017, according to the latest figures released by the Department of Lands and Surveys.

Cyprus real estate sales have now been rising for 18 consecutive months and this October rise follows rises of 14 per cent in September, 14 per cent in August and 21 per cent in July.

A total of 811 contracts for the sale of residential and commercial properties and land (building plots and fields) were deposited at Land Registry offices, compared with the 768 deposited in October 2017.

Almost half of the contracts deposited (49.7 per cent) were for properties purchased by overseas property investors, proving that Cyprus real estate is a very popular buy for foreign investors.

In the year to October sales have increased by 19 per cent with the number of sale contracts deposited rising to 7,517 compared to 6,291 deposited during the same period last year.

On a regional basis Famagusta leads the way with a sales increase of 34 per cent, closely followed by Nicosia up by 33 per cent. Sales in Limassol, Paphos, and Larnaca have risen 20 per cent, 13 per cent and 9 per cent respectively.

Of the 403 Cyprus real estate sales to overseas property investors, Paphos was the most popular destination with 180 sales. Limassol recorded 113 sales, followed by Larnaca, Famagusta and Nicosia with sales of 70, 21, and 19 respectively.

During the first ten months of 2018, a total of 3,589 sales contracts were deposited by overseas buyers, with 1,150 deposited by EU nationals and 2,439 by non-EU nationals. Limassol remains the most popular destination for non-EU citizens, while Paphos is favoured by the majority of EU citizens.

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