While the number of property sales in August rose compared to August 2022, the increase of 28% in the year-to-date sales reported at the end of June had fallen to 20% by the end of August, which indicates that the market may be slowing down.

The slowdown is likely due to rising interest rates and increased construction costs.

The latest official figures from the Department of Lands and Surveys show that the number of properties sold in August (as measured by the number of contracts deposited at Land Registry offices) rose 16 per cent compared to August 2022.

Property sales refer to sales of domestic dwellings, retail premises, offices, warehouses and land (fields and plots.)

The total number of sales in August 2023 reached 1,132 compared to 972 deposited in August 2022.

Sales rose in all districts with the exception of Limassol, where the number of sales fell by 6 per cent. But despite the fall Limassol, it still recorded the highest number of sales (327), followed by Larnaca (273), Paphos (252), Nicosia (208), and Famagusta (72).

Year to date property sales

Sales during the first eight months of 2023 sales reached 10,183; an increase of 20% compared to the 8,453 achieved in same period last year with sales rising in all districts.

It is also the highest number of contracts deposited since 2008 when the number reached 11,088.

The government’s international headquartering initiative has increased the demand for properties from foreign business and investors from Russia, Israel, Ukraine, the United Kingdom, Lebanon, and Belarus.