Insider Economy Nicosia tops real estate market after seven years

Nicosia tops real estate market after seven years

It took Nicosia capital city seven years to get a head start on real estate sales, according to latest data released by the Cyprus Land Registry.

Specifically, 197 sales documents were filed at Nicosia district offices in January 2020, against 180 at Limassol’s. The coastal city has been heading real estate sales for almost seven years.

The last time Nicosia’s real estate market surpassed that of Limassol was in March 2013, when the island’s financial crisis had reached its peak. Real estate sales documents in Limassol that month were extremely low, only 54 to be specific. And Nicosia’s recorded sales documents that month were only 83.

In total, Limassol recorded 1049 sales documents in 2013, compared to Nicosia’s 709.Total annual sales documents in Limassol district in 2014 were 1417, 1566 in 2015, 2496 in 2016, 3167 in 2017, 3411 in 2018 and 3517 in 2019.

Correspondingly, Nicosia recorded a total of 748 in 2014, 749 in 2015, 1031 in 2016, 1464 in 2017, 1606 in 2018 and 1998 in 2019.

The latest released data also shows that, island-wide, a decline of 3% was recorded in the first month of 2020 compared to 2019.

Specifically, the number of sales documents reached 742 in January 2020, compared to 766 the corresponding month of 2019.

The biggest decline, 28%, was recorded in Limassol with the number of sales documents reaching 180 compared to 251 in January 2019.

There was also a 10% decrease in Paphos district with a total of 168 sales documents compared to 187 and in Famagusta district by 6% with 50 sales documents against 53.

In contrast, Nicosia and Larnaca sales are expected to grow significantly in 2020. In Nicosia, growth in January 2020 stood at 22% with 197 sales documents recorded against 161 the same month in 2019.

Larnaca district recorded its highest comparable increase in January 2020, reaching 29% with 147 registered sales documents versus 114 in January 2019.


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