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With August being a traditionally “difficult” month for the real estate market. This year’s transactions, according to official figures, are at the same level as last year’s despite the extremely difficult conditions imposed by the pandemic since the beginning of 2020. It is important that the demand for real estate from the local population showed a significant increase last month, due to the fact that many Cypriots chose to stay in Cyprus throughout August.

Total transactions of August in Cyprus only -5% compared to the corresponding month last year

Chart 1

Total transactions of August in Limassol (193), only three less than August 2019 (196)

Chart 2

Domestic demand for real estate has increased significantly during the summer months

+5% increase in Cyprus’ real estate sales by local buyers in August

Chart 3

Specifically in Limassol, +6% increase in Cyprus’ real estate sales by local buyers in August

Chart 4

Developers should focus on local buyers

RE sector proves once again its important contribution to Cyprus’ economy