Cyprus property sales up by 19 percent in June
Another month, another big spike in property sales in Cyprus. That’s right – despite rising property prices on the island, this booming real estate market continues to scale to new heights.
In a recent study by the Department of Land and Surveys, it was revealed that property sales in June jumped by 19% compared to the same month in 2022.
In June 2023, there were a total of 1,397 sales recorded, compared to 1,173 in June 2022.
This level of growth was visible across all parts of Cyprus, with the exception of Famagusta, where the number of sales stayed the same. In the lead was Limassol, which recorded 444 sales, closely followed by Paphos (316), Nicosia (312), Larnaca (258), and Famagusta (67).
But what accounts for this continued rise in property sales? The study showed that the hike in property sales was most likely a result of increased foreign investment, while the domestic market saw a markedly smaller increase.
Domestically, real estate sales rose by just 6% in June compared to the same month in 2022. In the first half of 2023, there were a total of 4,112 sales, while 3,635 were recorded during the same month last year.
A different picture emerges when you look at the amount of foreign real estate sales. Sales to non-Cypriots were up by 38% compared to June 2022, reflecting the onrush of foreign investment in the island. Apart from Famagusta, where real estate sales went down by 7%, property sales rose in all parts of Cyprus.
Perfect for short term rentals and settling down with a home in the long-term, it’s no surprise why foreign investors have increasingly flocked to Cyprus. Whether you seek business or pleasure, Cyprus has something for everyone looking for a special place to relocate.
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