13,288 property deals concluded in Cyprus in eight months

Between January and August, 13,288 property sale contracts were signed in Cyprus — 13.7% more than in the same period last year. The figures come from real estate company BuySell, which keeps monthly market statistics. In August alone, buyers signed 1,241 contracts, 10% more than a year earlier.

Larnaca led the month: 299 contracts compared with 221 in August last year, an increase of 35.3%. Paphos was up 19.7% and Nicosia by 8.2%. Limassol, by contrast, slipped into negative territory for the first time this year: 395 deals, 5% fewer than in August last year. At the same time, the district still accounts for around a third of all deals in Cyprus.

The picture is similar for completed property transfers. Over seven months, 12,857 properties changed hands in Cyprus, worth €2.70 billion in total. Limassol accounted for €1.084 billion of that — 40 cents of every euro transferred across the country.

Buyers from abroad signed 41.3% of the contracts, with citizens of non-EU countries accounting for roughly two-thirds of this demand.

Prices, meanwhile, are rising unevenly: according to the Central Bank of Cyprus, apartment prices increased by 10.8% over the year, while house prices rose by 3%. The lending structure is also changing: 89.1% of new housing loans are issued at fixed rather than variable rates.