Cyprus property sales up by 34%
Property sales in Cyprus have soared by 34% in May 2023
Drawing in people from around the world with its stunning weather and vibrant natural scenery, it’s no surprise that property prices have sky-rocketed in Cyprus. However, this hasn’t put people off buying in the area, a new report has shown.
According to the Department of Lands and Surveys, property sales went up by a notable 34% compared to the same month in 2022. This means that there is very much still an appetite for people looking to invest or start a new exciting life in sunny Cyprus.
But how many homes were actually sold? In May 2023, the total number of sales reached a towering 1,526 compared to the 1,145 of May 2022.
This is part of a noticeable trend that saw property sales rise by 24% year on year in the first 6 months of 2023.
The hike in sales wasn’t just limited to one part of Cyprus. While Limassol had the highest amount of sales (555), there was also huge growth in Paphos (301), Larnaca (295) and Famagusta (61).
Given the recent rise in property prices, you might well wonder – why is there still such high demand to live in Cyprus?
A big bulk of the sales can be attributed to foreign real estate investment, including both short term rentals and long-term home ownership. After all, Cyprus is a great place to invest, with the promise of sunshine all year round, and stunning beaches to visit.
Elsewhere, young professionals have jumped at the chance to live in a location that is great for work, with plenty of business opportunities, and a lower tax system compared to elsewhere in Europe.
Whichever way you look at it, there is clearly booming demand for apartments in Cyprus, with many looking to relocate and invest in this special part of the world.
Looking to invest in a home in Cyprus? With Chris Michael Property Group, you can take your pick from a selection of luxury villas, homes and apartments. With homes for sale in popular areas like Limassol, Paphos and Famagusta, there’s no better way to take advantage of rising demand for homes in Cyprus.