February showed a sharp increase in real estate salescompared to 2018, according to official data published by the Department ofLand Resources and Research.
In addition to a 48% drop in sales in December 2018 due tothe rush to buy land in December 2017, before the government introduced VAT onland sales, the number of real estate sales has increased over the past 22months.
In February 2019, 834 contracts for the sale of commercialand residential real estate and land plots were leased to the Land Department,compared with 666 in February 2018.
Although property sales in Limassol remained unchanged andfell by 8% in Famagusta, they increased by 102% in Nicosia, by 29% in Paphosand by 26% in Larnaca.
The figures show a continuous improvement in economic sentimentalong with government schemes designed to stimulate real estate sales andforeign investment.
However, after pressure from Europe, the cabinet approvedchanges to the Cyprus citizenship scheme last month to make it “more targetedand trustworthy,” according to Finance Minister Harris Georges. These changesmay reduce foreign investment over time.
Sales in the first two months increased by 18% over the sameperiod last year. Total sales to the end of February amounted to 1600 comparedwith 1361 a year earlier.
Sales in Nicosia increased by 47%, and then in Paphos, wheresales grew by 22%. Meanwhile, sales in Larnaca, Limassol and Famagusta grew by13%, 5% and 1%, respectively.