Property Sales in Cyprus reach an eleven-year high
With the new tougher changes to the citizenship-by-investment scheme coming into effect from the 15th of May 2019, property sales in Cyprus have had a huge increase for the month of April with a total of 1,057 contracts being deposited.
According to the Department of Lands & Survey, an increase of 61% was recorded compared to the numbers sold in the corresponding month of the previous year (1,057 contracts deposited in April 2019 compared with 655 in April 2018) which also signals the biggest monthly figure recorded since September 2008.
Of those 1,057 contracts, 59% were deposited by Cypriots and the remaining 41% by non-Cypriots.
Property sales rose in all districts and the figures show a continuing improvement in the economic sentiment. Famagusta led the way with sales up 85%, followed by Limassol with a rise of 74%, while sales in Larnaca, Nicosia and Paphos rose by 69%, 44% and 43% respectively.
Sales to the Cypriot market shot up 91% in April compared to April 2018, with significant rises in all districts. Again Famagusta led the way with sales up 383% compared with the same month last year followed by Paphos, where sales rose 229%.
Meanwhile, sales in Limassol, Larnaca and Nicosia rose by 80%, 78% and 47% respectively. During the first four months of 2019, domestic sales rose by 37% compared with the same period last year. However, some of these domestic sales may have resulted from properties acquired by banks as part of loan restructuring agreements.
Overall for the first four months of 2019 sales rose 23% compared to the same period last year.
For more information about investing in Cyprus contact the team on +357 25 31 31 81 or visit www.ipncyprus.com