11.07.2022
Property sales in Cyprus rose by 39% in the first half of this year compared to the same period last year as people turn to property as a safe investment in times of economic uncertainty.
The number of sale documents filed in the first six months was 6,263, compared to 4,501 in the same period last year, according to data released by Phileleftheros, citing the Land Registry Department.
The increase in sales was evident in all areas, with the largest increase seen in Paphos, where sales documents were up 72% year-over-year, reaching 1,305.
The second largest increase was recorded in Larnaca, where sales increased by 57.8% to 1,122 units compared to 711 units last year.
Limassol continues to rank first in terms of sales with 2,149 apartments, up 53.9% from the first six months of last year.
The figures showed that in Nicosia, sales remained almost at the same level as last year, with a 3.1% increase in sales, or 1,378, compared to 1,336 in 2021.
In the Famagusta area, the number of sales documents filed increased by 3% to 309 compared to 300 in the first half of 2021.
Sources in the department told the newspaper that the growth in sales was mainly due to domestic demand, they say, people invested in real estate because of the inflationary crisis on the one hand, and on the other hand, the expected increase in lending rates from September.
In 2021, the total number of sales documents filed was 10,347 units, compared to 7,968 in 2020. Despite the increase in borrowing costs at the end of the year, 2022 will still be better than last year in terms of overall sales, sources believe.
