Real estate sales in May this year are up 50% compared to the corresponding month of 2021. Nicosia may have been the only province to see a decline, but the rest of the cities saw a notable increase.
According to the Department of Lands and Surveys, sales documents in Cyprus in May 2022 stood at 1,143 from 760 in May 2021, an increase of 50%.
Between January and May 2022, real estate sales increased by 42%, reaching 5,090 compared to 3,577 in the corresponding period last year.
Sales up sharply in Limassol and Paphos Sales in Limassol jumped 74% to 410 in May (up 36% in fact) from 235 in May last year.
As for the first five months of 2022, the number of sales documents in Limassol jumped to 1,758 from 1,086 in the corresponding period of 2021, representing an increase of 62%.
Accordingly, a large increase was also recorded in Paphos.
In more detail, real estate sales in May this year rose by 79%, reaching 243 from 136 in May last year, and sales documents for the first five months increased by 80%, reaching 1080 compared to 601 in the corresponding period last year.
In May 2022, Larnaca had almost twice as many sales (227 vs. 116 in May 2021), representing a 96% increase.
Between January and May 2022, the number of sale documents in Larnaca reached 896 from 566 in the same period last year, an increase of 58%.
Nicosia is losing ground
In Nicosia, the number of trade documents fell by 7% from 219 in May this year, compared to 235 in May last year. In the first five months of the year, no change in real estate sales was recorded in the capital, which amounted to 1,114 compared to 1,110 in the same period in 2021.
Real estate sales in freehold Famagusta remained about the same: 44 in May 2022 compared to 38 in May 2021, representing an increase of 16%. For the first five months of 2022, the number of trade documents increased by 13% to 242 compared to 214 in the same period last year.