May Property Sales Up in Cyprus

May property sales in Cyprus saw a rise of 29 per cent year-on-year when compared to May 2017, continuing the upward trend seen this year.

The number of sales contracts deposited at Land Registry Offices across the Republic up 29 per cent compared with May last year.

The figure matches the 29 per cent year-on-year increase seen in April and follows increases of 23 per cent and 46 per cent in March and February respectively.

The month of May saw a total of 828 contracts or the sale of residential and commercial properties and land (building plots and fields) deposited at Land Registry offices across the Republic of Cyprus. This compared to a total of 758 in May last year.

Sales in Famagusta rose by the most, with May property sales rising by 108 per cent compared to last year. The Capital Nicosia came in second with a rise of 30 per cent, while the ever-popular destination for British overseas property investors, Paphos, rose by 10 per cent.

Property sales in Limassol and Larnaca both saw a slight fall of 5 per cent, but this was not enough affect the national rise greatly.

The latest figures, along with previous monthly rises this year, reflect the continuing improvement in economic conditions, coupled with government measures such as the citizenship by investment scheme, and investment in infrastructure.

The first five months of 2018 have now seen an average rise in property sales of 31 per cent year-on-year, with the number of sales contracts deposited at Land Registry offices rising to 3,612 compared to the 2,767 deposited during the corresponding period of last year.

Again, Famagusta has seen the biggest increase over the 5-month period with property sales up by 84 per cent. Nicosia again second with a rise of 51 per cent.

The other three main areas have also seen rises over the 5-month period, with property sales in Paphos, Limassol and Larnaca up by 29 per cent, 28 per cent, and 4 per cent respectively.