11.03.2023
The Cyprus property market will continue its profitable course in 2023, supported by the previous year’s upward trend.
According to the Department of Cadastre and Land Management, property sales registered in Cyprus in February this year were 1,131 compared to 1,052 in February last year, an increase of 8%.
For the two-month period from January to February 2023, there were 2,222 sales compared to 1,907 for the corresponding period last year, representing a 17% increase.
Improved sales in Limassol , Paphos and Larnaca
With momentum and 398 sales, Limassol remains the leader compared to 377 sales in February 2022, recording a growth of 6%. Between January and February 2023, the number of sales documents filed in Limassol increased by 14% to 744 compared to 653 in the same period in 2022.
Paphos has 266 property sales in February 2023 compared to 219 in the corresponding month last year, representing an increase of 21%, while the first two months of the year recorded an increase of 28%, with 555 sales documents against 433 in corresponding period last year.
In Larnaca, sales reached 203 in February 2023 compared to 172 in the corresponding month of 2022, representing an increase of 18%. Between January and February 2023, the number of sales documents filed in Larnaca increased by 33% to 428 compared to 322 in the same period in 2022.
Sales in Nicosia worsened
In penultimate place in Cyprus is Nicosia, which ranks with 190 property sales in February this year, compared to 233 in the same month of 2022, representing a drop of 18%. In terms of the two months from January to February 2023, 364 sale documents were registered in the capital, compared to 421 documents for the corresponding period last year, representing a drop of 14%.
Total in free In Famagusta, there were 74 sales in February 2023 compared to 51 in February 2022, up 45%, and in the first two months of 2023, sales increased by 68% to 131, compared to 78 in the first two months of 2022 of the year.
