May 2019 has seen a surge in the number of property sales in comparison to the corresponding month of the previous year, with the beautiful beachside town of Limassol leading the way with a 94% increase in total sales from both Cypriot and overseas buyers.
As per the official figures released by the Department of Land Surveys, a total of 1483 sales contracts were submitted for the sale of commercial and residential properties and land, compared to 828 in May 2018. Of these contracts, 546 – or 36%– were from Limassol, compared to 282 last May.
The beachside city has remained steadily ahead of the property sales curve. Specifically, the sales contracts submitted in Limassol during the first five months of 2019 amounted to 1768, compared to 1323 in the corresponding five-month period in 2018, an increase of up to 34%.
The popularity of Limassol comes as no surprise, as the city offers up a perfect combination of cosmopolitan luxury and style, with a big dose of traditional Cypriot charm, all within a few steps from its beautiful azure coastline. It is a particularly popular city for investors seeking out luxury towers and other new developments all along the seafront as well as in other prime locations within the city.
The Cyprus Investment Program, introduced by the government of the Republic of Cyprus, has also enticed a number of foreign nationals to invest in Cyprus, a fact which has helped boost property sales. The Program has undergone a number of changes as of May 15th, which you may read about here.
Limassol is home to some of the D. Zavos Group’s most prestigious core projects. If you are on the lookout for a prime investment property opportunity in Limassol, contact the D. Zavos Group Sales Department. We will be happy to assist you with selecting a suitable property from our vast real estate portfolio and provide assistance throughout the entire purchasing procedure.