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.