In Cyprus the number of real estate transactions has increased.

The first seven months of 2021 Republic of Cyprus saw a very noticeable increase in sales of villas, apartments, country houses, in any case, if we compare the figures with the period January-July 2020 — the sales increased by 31%. But if we take for comparison the first half of 2019 (until July), then sales, on the contrary, had decreased by 17%.

What do the experts link such leaps in the Cypriot real estate market with? What is the share of transactions from the total amount of the real estate purchases made by foreign citizens? How much more attractive is the Cypriot real estate market for foreigners today?

Cyprus real estate transactions: figures and facts

In 2021, the Cyprus Department of Land Registry registered 5,365 real estate purchase and sale transactions - against 4,097 transactions in the first half of 2020 and 6,456 transactions for the same period in 2019.

In 2021, most of the homes bought were in Limassol - 1,673 transactions were concluded. In second place is Nicosia, where 1,582 properties were registered. Paphos is in third place with 904 contracts, and the fourth place rightfully goes to Larnaca - 843 transactions were concluded here.

Experts explain the growth in the real estate transactions in the current billing period by the stagnation of the real estate market in the previous year of 2020. 2020 was a very difficult year for many industries, including the real estate industry since the pandemic negatively affected people’s financial capabilities. It is worth mentioning and this purely technical issues: for example, the Department of Land Registry has worked remotely for a long time, in addition, regular flights were interrupted for a prolonged period also.

One third of the total number of transactions completed from January to July 2021 (which is 1,753 contracts) were concluded by foreign citizens. During the same period of 2020, foreigners bought 1,660 objects and the previous year- 2 902 real estate objects.

If we take the last 13 years in to account, then the most "fishy" year was 2018 - during this period foreigners concluded a record number of real estate purchase transactions - 47.25% of the total number of transactions. The least transactions — 21.55% happened in 2009.

Cyprus property sales never stop growing

Experts suggest that sales in the Cyprus property market will only grow in the future. Probably, the share of transactions concluded by foreign citizens will also grow. Comfortable climate, incredible beauty of nature, adequate prices for housing, a wide range of proposals and options - these are just some of the prerequisites, which make Cyprus property so attractive to foreigners

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