Cyprus

Property for sale in Cyprus

In the last month the increasing number of transactions for properties for sale in Cyprus was mainly in Pafos, where the index rose by 53% compared to the same mounth of  2017. In Limassol, the figure stands at 18%, in Famagusta up 21%. In Nicosia and Larnaca, on the other hand, there was a decline in activity in the sector of 47%.

The number of purchase and sale contracts in Republic of Cyprus in 2018 increased by 23% compared to May 2017, according to official figures published by the Department of Lands and Polls. The figures show a continuous improvement of economic conditions, together with government measures.

However, the Cypriot government has recently decided to restrict sales of property for sale to Cyprus to non-EU citizens. This decision has had an impact on the percentage of sales of property in Cyprus, in fact in Famagusta the prices have registered an increase of 108%, followed by Nicosia, where sales have increased by 30% and in Paphos the sales of real estate have increased by 10 %. Instead the number of sales in Limassol decreased by 5%.

The number of contracts for property sold in Cyprus deposited at the offices of the real estate sector increased by 31% compared to the previous year. Famagusta always confirms its position in the number of sales, registering an increase of around 85%. Nicosia, the capital, recorded an increase of about 50%. Paphos, Limassol and Larnaca saw an increase in sales of properties on sale in Cyprus of 30%, 29% and 5% respectively.

Many foreign people are interested in property for sale in Cyprus thanks to the good increase of real estate market in the last years.