Figures released by the Department of Lands and Surveys reveal that Cypriot purchasers are leading the recovery with property sales in April up an incredible 536% compared to April 2020.
Sales rose in all districts with Limassol leading the way with sales up by 826%, followed by Nicosia (+614%), Famagusta (+483%), Larnaca (+416%) and finally Paphos (+200%.)
Property sales to Cypriot purchasers in the first four months of 2021 stood at 1,984, surpassing the number of sales in the first four months of pre-Covid 2019 by more than 100.
However, the figures will include an unknown number of ‘non-sale’ agreements such as loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers. Unfortunately, the Department of Lands and Surveys does not publish these figures separately.
It’s also worth noting that the number of sales transactions include commercial, retail, office and land in addition to residential properties (houses and apartments.)
Domestic Property Sale Transactions – 2020/2021 Comparison