Cyprus eyes positive growth in property market for 2018
The upward trend in Cyprus property sales that started last year continues in 2018 with year on year growth having been recorded for several months in a row.
The end of 2017 and the beginning of 2018 have been marked with steady growth of property sales in Cyprus with almost all the district except for Famagusta having recorded a significant increase in numbers of sales contracts deposited at Land Registry offices.
In March 2018 the Department of Lands and Surveys registered a total of 768 contracts or the sale of residential and commercial properties and land (building plots and fields) in various Land Registry offices across Cyprus, compared with the 626 registered in March 2017 which makes a year on year increase of 23%.
Previous months also saw a growth in numbers of sold properties: 46% in February, 64% in January and 36% in December.
Nicosia experienced the biggest growth in property sales in March – 59% compared to March 2017, followed by Limassol with 35% increase.
All in all, the first quarter of 2018 showed a positive development in Cyprus property market with the number of property sale contracts having risen from 1,505 in the first quarter of 2017 to 2,129 this year, demonstrating a significant increase of 41%.
Of the 768 March contracts 337 were for properties purchased by non-Cypriots. During the first quarter of 2018 a number of contracts for overseas buyers reached 1,084 with Paphos and Limassol being the most favourite locations for international buyers.
The positive property market development shows that international investors are looking at Cyprus with more confidence, attracted by improving economic situation, business-friendly environment, great retirement opportunities and the citizenship by investment scheme.