Cyprus property sales jump 14% in February

The Department of Lands and Surveys has released new figures showing a significant increase in property sales in the Cyprus real estate market in February 2024. Comparing the same time last year to this one, the statistics showed a 14% increase in the total number of property sales contracts deposited at Land Registry offices throughout the country.

Compared to the 1,131 contracts recorded in February 2023, a substantial increase of 1,284 property sales contracts were deposited in February 2024. Even while sales in Limassol and Famagusta decreased by 5% and 7%, respectively, these decreases were more than made up for by substantial increases in other areas. Notably, Nicosia had an astounding 47% rise, while Paphos and Larnaca saw increases of 17% and 22%, respectively.

Breaking down the sales figures by district, the distribution of property sales during February was as follows:

• Nicosia: 280 sales
• Famagusta: 69 sales
• Larnaca: 247 sales
• Limassol: 378 sales
• Paphos: 242 sales

With 2,340 registered property sales in the first two months of 2024, the cumulative sales data likewise showed an upward trend. At this point in time, the number has increased by 9% compared to the same time in 2023 and is the highest since 2008. Notably, this spike in sales activity indicates that both buyers and investors are becoming more confident, which bodes well for the Cyprus real estate market.

The Cyprus real estate market has demonstrated durability and appeal as an investment destination in recent months, as seen by its solid performance. Stakeholders are hopeful about the sector's ongoing growth trajectory in the upcoming months due to favourable market circumstances and rising demand.