Property Sales in Cyprus Rise

Property Sales in Cyprus Rise

The number of property sales in Cyprus continued to rise in January 2019 by 10% compared to the numbers sold in January 2018 according to official figures published by the Department of Lands and Surveys.

In January 2019, 766 contracts were deposited at Land Registry offices for the sale of commercial and residential properties and land compared with 695 in January 2018; a rise of 10 per cent. Of those 766 contracts, 409 (54%) were deposited by Cypriots and the remaining 357 (47%) by non-Cypriots – 107 by EU citizens and 250 by non-EU citizens. The figures show a continuing improvement in the economic conditions, together with government incentives designed to boost property sales and attract foreign investments. Unemployment is falling down: to 8.8 per cent in December 2018 from almost 17 per cent in 2013. (Across the EU 28 the unemployment rate stood at 6.6 per cent in December 2018.)