Domestic property sales leading the recovery
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May 7, 2021
Figures released by the Department of Lands and Surveys reveal that Cypriot purchasers are leading the recovery with property sales in April up an incredible 536% compared to April 2020.
Sales rose in all districts with Limassol leading the way with sales up by 826%, followed by Nicosia (up 614%), Famagusta (up 483%), Larnaca (up 416%) and finally Paphos (up 200%.)
Property sales to Cypriot purchasers in the first four months of 2021 stood at 1,984, surpassing the number of sales in the first four months of pre-Covid 2019 by more than 100.
However, the figures will include an unknown number of ‘non-sale’ agreements such as loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers. Unfortunately, the Department of Lands and Surveys does not publish these figures separately.