Cyprus property market getting stronger

Overseas property buyers were responsible for almost half of all property sales made in Cyprus last month.

According to official figures published by Cyprus’s Department of Lands and Surveys, 655 property sales took place in Cyprus during April. Of these, 326 (49.8 per cent) were for properties purchased by non-Cypriots.

Sales rose in all districts. In percentage terms Famagusta led the way with sales rising by 79 per cent followed by Nicosia, where sales rose by 46 per cent. Meanwhile sales in Larnaca and Paphos rose by 20 per cent and 15 per cent respectively

The total number of homes purchased in Cyprus in April 2018 was 23 per cent higher than it was in the same month last year. This means there has been a substantial year-on-year increase over last year’s corresponding month in each month so far this year.

Since the start of the year, a total of 1,410 property sales contracts have been deposited by overseas buyers, with 413 deposited by EU nationals and 997 by non-EU nationals.

Paphos maintains its position as the most popular spot for overseas buyers with sale contracts reaching 430, followed by Limassol with 421, Larnaca with 198, Famagusta with 147 and Nicosia with 78.

According to the Department of Lands and Surveys, the strong figures are a result of continued improvement in economic conditions in Cyprus, coupled with successful government measures (such as the citizenship by investment scheme).

Article published 4th May 2018