Cyprus Property Sales Recovery Going Strong

The positive trend in the number of property sales in Cyprus continued in May with the number of contracts deposited at Land Registry offices having risen a whole 81% compared to May 2020 and 36% on a year-on-year basis.

 

Indeed, as nation-wide lockdowns have ceased and commercial flights have restarted, the economy began its rapid recovery from the effects of COVID-19. However, this isn’t all there is to it. According to the Land Registry office, property sales have almost recovered to their 2018 levels when 3,612 sales were achieved in the first five months of the year.

 

Property sales to the domestic market in May rose by 123% compared to the same month last year. These have greatly been encouraged by government incentives, such as the interest subsidy scheme and historically low interest rates at around 2.5%.

 

Foreign sales also rose in May, up 34% compared to May 2020. Despite COVID-related travel advice and restrictions persist, the numbers are certainly looking better.

 

Sales to EU nationals rose by 177% in May and have almost returned to their 2018 levels when 539 sales were achieved in the first five months of the year.

 

When it comes to non-EU nationals’ sales, number recovery can also be seen despite last year’s issues with the Golden Passport scheme, with Limassol sales doing the best job so far, as investors show an increased interest in obtaining the European 5-Year Residency by Investment.

 

Prime Property Group is a pioneer in the real estate development field, providing one-stop services including real estate development and property management to the real estate market and its target customers. And the core advantage of Prime Property Group lies in the fact that this company is not only a real estate agent, but also a real estate developer. It has super economic strength and brand service awareness. It provides relevant services to international customers. Consultancy services on all matters of real estate and construction projects in Greece and Cyprus, including villas, new apartments and town-houses.

Please contact Prime Property Group  for detailed information about rent, sale or property management services.