06.12.2023
Although the number of property sales in Cyprus continued to rise in November, there are signs that this situation may soon change dramatically.
Sales in November, measured by the number of contracts deposited at land registry offices, were up 7 percent compared with November 2022, according to official data from the Department of Lands and Surveys. But while sales in Larnaca were up 57%, reportedly the result of strong interest from Israelis, sales in Limassol and Paphos were down 8% and 6% respectively compared to November last year.
However, despite the slowdown, it is safe to say that 2023 will be the best year for real estate sales since 2008.
Real estate sales for the current year
Sales for the first eleven months of 2023 reached 14,211, up 18% on the 12,704 achieved in the same period last year, with sales up across all counties.
Sale of real estate on the domestic market
Domestic property sales continued to grow at a strong pace in November, with sales increasing by 30% compared to November 2022, with sales increasing in all areas, particularly in Larnaca , which recorded a huge 124% increase in sales.
Domestic sales for the first eleven months of 2023 reached 7,834 units; an increase of 15% compared to the 6,791 achieved in the same period last year.
