Cyprus Property Updates. October 2018

According to the updates published by the Cyprus Department of Lands and Surveys, October 2018 saw yet another rise in the number of property sales contracts – as compared to October 2017 the increase constituted 6%.

It was the 18th consecutive month that the property sales have been rising and this October followed a 14% rise in September, 14% in August and 21% in July. A total of 811 contracts for the sale of residential and commercial properties and land were deposited at Land Registry offices in October, compared with the 768 in October 2017. Of these contracts, 403 (49.7%) were for real estate purchased by non-Cypriots.

Sales have gone up by 19% between January and October 2018 with the number of sale contracts rising to 7,517 compared to 6,291 during the same period last year. Sales in Famagusta have risen 34 %, Nicosia 33%, Limassol, Paphos, and Larnaca 20%, 13% and 9% respectively.

As for the purchases by non-Cypriots, this October the Land Registry figures show a total of 403 contracts. Of them, 146 were deposited by EU citizens and the remaining 257 by non-Europeans. Paphos remained the most popular district with the overseas market – the number of sales contracts reached 180 there, Limassol followed with 113, Larnaca 70, Famagusta 21 and Nicosia 19.

During the first ten months of 2018, foreign buyers deposited 3,589 sales contracts, of which 1,150 were deposited by EU citizens and 2,439 by non-EU nationals.

The figures prove a growing strengthening of the real estate market and the improvement of the Cyprus economy in general which in turn attracts even more direct investment.

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