Cyprus Property Updates. January 2020

According to the latest statistics was published by the Cyprus Department of Lands and Surveys, the first month of the new decade revealed the following trend:

More than twice as many property sales were made to non-EU citizens than EU citizens as compared to January 2019. Of the total number of sales contracts 56% were deposited by local (Cypriot) purchasers and the remaining 44% were deposited by foreign buyers. Of 44% contracts of foreigners 14% were made by EU citizens and 30% by non-EU citizens.

For EU buyers Paphos with 40 sales contracts remained the most popular place to buy properties, followed by Limassol (with 28 sales), Larnaca (21), Nicosia (9) and Famagusta (6).

Most of the purchases by non-EU citizens concentrated in the area of Famagusta with 34 sales and Larnaca (50). Although sales rose dramatically by 183% in Famagusta and 4% in Larnaca compared to January 2019, the first position in the ranking of contract number still belongs to the two coastal towns Paphos (73) and Limassol (56) in January. Nicosia with 10 contracts occupied the last line of the rating.

А slight fall of 3% in the number of total sales in January 2020 is not a specific indicator of sales dynamics. However, by the end of the year we can expect the increase in total property sales. According to the statistics, annual sales from 2000 year continued on their upward path, increasing by 30,7%.