The positive trend in the number property sales in Cyprus continued in May with the number of contracts deposited at Land Registry offices up by 81% compared to May 2020 and up 36% year-on-year.
This increase in sales is not particularly surprising when you consider that 12 months ago Cyprus was in total lockdown because of the COVID pandemic. Cyprus went into a nationwide lockdown on 24 March 2020 and did not reopen its airports to commercial flights until 9 June.
What is more notable is that, according to Land Registry figures, property sales have almost recovered to their 2018 levels when 3,612 sales were achieved in the first five months of the year.
Paphos is struggling due to the fall in non-EU citizens buying property.