Property sales up 34 per cent (Update)
Property sales in May rose 34 percent compared to the same month last year according to official statistics from the Department of Lands and Surveys.
The total number of sales (as measured by the number of contracts deposited at Land Registry offices) in May 2023 reached 1,526 compared to 1,143 deposited in May 2022.
Sales rose in all districts. Limassol recorded the highest number of sales (555), followed by Nicosia (314), Paphos (301), Larnaca (295), and Famagusta (61).
Year to date property sales
Sales during the first five months of 2023 reached 6,292; an increase of 24% compared to the same period last year. With the exception of Nicosia, sales have risen in all districts.
Market segment analysis
Property sales to the domestic market
Real estate sales to the domestic market in May rose 36% compared to May 2022 but with Paphos reporting a fall of 7%.
Limassol saw the greatest number of sales followed by Nicosia, Larnaca, Paphos and Famagusta.
Sales to the domestic market during the first five months of 2023 stood at 3,370; an increase of 15% on the 2,935 achieved during the same period last year.
Property sales to the overseas market
Sales to foreigners (non-Cypriots) were up 30% compared to May 2022 with sales rising in all districts with the exception of Famagusta.
Limassol recorded the greatest number of sales, followed by Paphos, Larnaca, Nicosia and Famagusta.
Foreign real estate sales during the first five months of 2023 reached 2,922; a 36% increase on the 2,155 achieved in the same period last year.
Property sales to EU citizens
Sales to EU nationals continued their downward trend, falling by 17% compared to May 2022, with sales falling in all districts with the exception of Limassol and Nicosia.
Limassol achieved the greatest number of sales, followed by Paphos, Larnaca, Nicosia and Famagusta.
Sales to EU nationals during the first five months of 2023 reached 763; a fall of 25% compared to the 1,022 achieved in the first five months of last year.
Property sales to non-EU citizens
Sales to non-EU Nationals maintained their growth rising by a substantial 64% compared to May 2022, with sales rising in all districts with the exception of Famagusta.
Limassol recorded the highest number of sales, followed by Paphos, Larnaca, Nicosia and Famagusta.
Sales to non-EU nationals during the first five months of 2023 reached 2,159, a 91% increase on the 1,133 achieved in the same period last year.
Source: Property sales up 34 per cent (Update) - Cyprus Property News (cyprus-property-buyers.com)
