Cyprus realty sales up 20% in Jan-Aug
Property transactions in Cyprus are on a high, with a record expansion in the number of applications for sales filed with the authorities during the first eight months of the year.
In August 2023, there were a total of 1,391 property sales, which is 197 fewer than in July 2023, a 12.4% decrease that was predictable given that it was the holiday month. However, compared to August 2022, there was a 4.5% increase, with 1,331 sales recorded last year.
Regarding sales documents (future property transactions), the overall picture for Cyprus last month shows a 16% increase compared to August of the previous year. A total of 1,132 sales documents were submitted, compared to 972 in August the previous year.
Crucially, over the first eight months of 2023, sales documents increased by 20% compared to the same period a year earlier.
The total transactions value for August this year was around 322 million euros, marking the lowest level of the year so far, but still an 18.8% increase compared to August 2022, when the total transactions value was approximately €271 million.
