During the last year 7968 real estate purchase/sale transactions were concluded in the Republic of Cyprus. This is 23% less than in 2019.
The drop in sales was recorded in all regions of the Republic of Cyprus, except for Nicosia, where over the past year they grew by 3%. The first place in Cyprus was taken by Limassol (2480 contracts). Almost every third transaction was completed there (31%). Nicosia took second place, overtaking Paphos, where 1554 properties were sold (41% less than in 2019).
1296 properties were sold in Larnaca (17% less than in 2019). In the free territories of Famagusta (Ayia Napa, Protaras and Paralimni), 584 contracts were signed (11% less than a year ago).
The drop in sales in 2020 was influenced by two main factors:
1) the coronavirus pandemic
2) the corruption scandal and the subsequent closure of the program for granting citizenship of the Republic of Cyprus in exchange for investment.
Real estate sales in 2020 are back to 2016 levels, according to StockWatch.
Nevertheless, I am sure that the real estate market has a margin of safety, since the recession turned out to be rather mild, given the fact that for two months there was a lockdown in the country and a ban on movement was introduced, — said real estate appraiser Polis Kurusidis.
In his opinion, Nicosia is showing stable growth. This is an indicator of the Cypriot confidence in the property market, since the capital is not dependent on sales to foreigners. Mr. Kurusidis believes that the trend of buying real estate by Cypriots will continue in 2021.