There was a drastic rise in property sales this February compared to the figures of the corresponding month last year, according to the official statistics published by the Department of Lands and Surveys.
The number of property sales contracts deposited at Land Registry offices across the Republic of Cyprus rose by 25% compared to February 2018 according to official data published by the Department of Lands and Surveys. Apart from a fall in December 2018, the property sales have been increasing for the past 22 months. February 2019 saw a total of 834 contracts for the sale of commercial and residential properties and land compared with 666 in February 2018. Property sales remained on the same level in Limassol, rose by 102% in Nicosia, 29% in Paphos and 26% in Larnaca. The figures show a continuing improvement in the economy, along with government incentives aimed to boost property sales and drive foreign investment.
Property sales – year to date
Sales during the first two months of this year rose by 18% compared to the same period in 2018. There was a total of 1600 sales until the end of February, compared to 1361 last year. Nicosia was the leader with a 47% increased followed by Paphos, where sales rose by 22%. Sales in Larnaca, Limassol and Famagusta have rose n by 13%, 5% and 1% respectively