Property Sales up 34% in 2023
According to official statistics released by the Department of Lands and Surveys, property sales in May experienced a significant boost of 34% when compared to the same month in the previous year.
In May 2023, the total number of sales, as indicated by the number of contracts deposited at Land Registry offices, reached 1,526. This figure marks a notable rise from the 1,143 contracts deposited in May 2022.
The increase in sales was observed across all districts. Among them, Limassol reported the highest number of sales, with 555 properties sold. Nicosia followed closely with 314 sales, while Paphos, Larnaca, and Famagusta recorded 301, 295, and 61 sales respectively.
Examining the sales figures for the year to date, the total number of sales during the first five months of 2023 amounted to 6,292. This represents a considerable increase of 24 percent in comparison to the same period in the previous year. Except for Nicosia, all districts experienced a rise in sales.
The chart above illustrates the comparison of property sales in May 2023 and May 2022, showcasing a substantial 34 percent increase in sales during May 2023.
This chart presents the distribution of property sales in May 2023 across different districts. Limassol emerges as the district with the highest number of sales, followed by Nicosia, Paphos, Larnaca, and Famagusta.
Analyzing the sales data for the year to date, the graph above showcases the growth in property sales during the first five months of 2023 in comparison to the same period in the previous year. With the exception of Nicosia, all districts have witnessed a rise in sales, highlighting a positive trend in the market.
Article Credits go to – Nigel Howarth (Cyprus Property News)