13.05.2023
Property sales continue to grow, with a provincial growth rate of up to 58%, reflecting the dynamics of the Cypriot property market.
Sales in Cyprus grew by 27% in April 2023, reaching 1,192 units, up from 938 units in April 2022, according to the Department of Lands and Surveys.
As for the period from January to April 2023, the number of sales documents increased by 21%, reaching 4,766 compared to 3,947 in the corresponding period last year.
Paphos has the biggest increase in sales
In Limassol , which is at the top of sales, 426 sales documents were submitted in April this year, compared to 329 in April last year, representing an increase of 29%. In the first four months of the year, property sales in Limassol rose by 24%, reaching 1,677 compared to 1,348 in the first four months of last year.
The largest increase (58%) was recorded in Paphos, with 290 properties sold compared to 184 in April last year, and sales documents for the first quarter of 2023 increased by 38% to 1,159 compared to 837 in the corresponding period last year.
In Larnaca, property sales rose by 36% in April this year, reaching 214 from 157 in the same month of 2022. Between January and April 2023, 898 sale documents were filed in Larnaca compared to 669 in the corresponding period in 2022, an increase of 34%.
The fall in sales was recorded only in Nicosia
The only province where sales dropped even slightly was Nicosia. In particular, trade documents in the capital fell by 3%, reaching 216 in April from 222 in April last year, and in the first four months of the year they fell by 12% to 790 compared to 895 in the corresponding period last year.
Free Famagusta property sales remained unchanged at 46 in April 2023. In contrast, between January and April of this year, free Famagusta sale documents increased by 22% to 242 compared to 198 in the same period last year.
