Property sales continue to grow

The number of property sales in September rose compared to September 2022, but if the marginal slowdown in the rate of growth that we reported last month continues, Cyprus will achieve the third highest number of property sales on record at the end of the year.

The latest official figures from the Department of Lands and Surveys show that the number of properties sold in September (as measured by the number of contracts deposited at Land Registry offices) rose 15 per cent compared to September 2022.

The total number of property sales, which include domestic dwellings, retail premises, offices, warehouses and land (fields and plots) reached 1,336 compared to 1,157 in September 2022.

Although sales in Famagusta fell by 15 per cent, they rose in remaining four districts. Limassol recorded the highest number of sales (410), followed by Larnaca (298), Paphos (289), Nicosia (274) and finally Famagusta (64).

Year to date property sales

Sales during the first nine months of 2023 sales reached 11,519; an increase of 20% compared to the 9,610 achieved in same period last year with sales rising in all districts.

It is also the highest number of contracts deposited since 2008 when the number reached 12,245.