22 July, 2020

Property Sales in Cyprus Bounce Back after Covid-19 Slowdown

In Cyprus, the first steps towards lifting the full lockdown restrictions were taken in May, with a clear wait-and-see policy after each measure, before daring to relax restrictions even further.

Now, in July, social distancing, hygiene protocols and certain restrictions on travel are the final and probably lasting reminders that the virus still has the upper hand. But as the government authorities and the statistics department share data to assess the damage to the economy and how best to mitigate it, some figures are reassuring.

In particular, the Land Registry records have revealed that property sales across Cyprus during the month of June had bounced back to pre-pandemic levels. Looking at the absolute numbers of total sales before and after the outbreak, in February 1216 transactions were registered, dropping to 626 in May, and rising again to 1296 in June.

By district, a comparison of the latest sales figures shows the following:

Property sales figures across Cyprus
Ayia Napa / Protaras3373281
Total  4859

As travel resumes and investors can more easily visit the island, the real estate market, like other sectors of the economy, is expected to witness even more activity.

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Yiannos Trisokkas

Yiannos Trisokkas is the Director of Casamont Cyprus Ltd overseeing operations in Cyprus and Greece. He has also been the Managing Partner of Henley & Partners Cyprus Ltd since 2013, with Greece’s Golden Visa Program within his ambit. He serves as the Chairman of the Real Estate Committee and Member of the Management Board of Henley & Partners.