24.04.2023
The rate of property sales registered in Cyprus has increased: in March this year, the growth was 23%, with 1352 sale documents against 1102 in March 2022.
According to the Department of Land and Geodetic Works, the growth rate for the first quarter of 2023 is 19%. At the same time, there are 3574 sales compared to 3009 sales in the corresponding quarter of 2022.
Most sales in Limassol and Paphos
Limassol remains the leader of the Cypriot property market with 507 properties sold in March 2023 compared to 366 in March last year, representing a 39% increase.
Between January and March 2023, 1,251 trade documents were registered in Limassol compared to 1,019 for the same period in 2022, representing a 23% increase.
Property sales in Paphos rose by 43% in March, reaching 314 compared to 220 in the corresponding month of 2022, and for the first quarter of 2023 they rose by 33% to 869 compared to 653 in the first quarter of 2022.
In Larnaca, property sales rose by 35%, reaching 256 in March this year, up from 190 in March last year. In the first quarter of this year, 684 sale documents were registered in Paphos, compared to 512 in the corresponding period last year, indicating a 34% increase.
Sales continue to fall in Nicosia
Property sales in Nicosia continue to decline, recording a decline of 17% with 210 sale documents completed in March 2023 compared to 252 in March 2022. In the first three months of 2023, the sales decline rate in the capital was 15% , with 574 sales documents registered out of 673 for the same period in 2022.
In addition, freehold Famagusta property sales were down 12%, falling to 65 from 74 in March last year. On the other hand, between January and March 2023, the number of sale documents in free Famagusta increased by 29% to 196 compared to 152 in the corresponding period last year.
