Insider Economy Paphos and Nicosia property sales on the rise

Paphos and Nicosia property sales on the rise

The number of Cyprus property sales in the first nine months of the year was substantially higher compared to the same period in 2018, according to data provided by the Land Registry.

And property sales in coastal Paphos and Nicosia, the capital, were a lot higher than in all other districts of the Mediterranean island. Specifically, Paphos recorded an increase of 26% followed by Nicosia with 22%, the data also showed.

All in all, an increase of 15% was recorded in property sales throughout the Mediterranean island from January to September this year compared to last year. Specifically, the total number of property sales reached 7736 compared to 6706 the same period in 2018.

Paphos recorded a total of 1985 by end of September compared to 1578 the corresponding period in 2018. The coastal town also showed a 14% increase during September with a total of 173 sales documents compared to 152 the same month last year.

Nicosia recorded a 22% increase in property sales which amounted to 1427 by end of September. In addition, 137 property sales were recorded this September, up by 16% from the same month in 2018.

Even though coastal Limassol is top in property development, a slowdown in sales was recorded. Specifically, September 2019 recorded a negative (-4%) with 240 sales compared to 251 the same month last year.

Overall, however, the island’s second largest city had an increase of 9% in property sales with a total of 2709 transactions by end of September.

In Larnaca, a 14% increase in property sales was recorded compared to last year. Specifically, 1124 property sales were filed by September 2019 against 983 last year for the same period. However, the month of September 2019 recorded a negative with just 102 property sales filed compared to 121 the same month in 2018.

Famagusta district also recorded a negative this September with sales diving by 11% compared to the same month in 2018.  However, the number of property sales over the first nine months of the year remains more or less the same with a total of 491 compared to 488 the same period in 2018.


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