Investors rush to buy Cyprus real estate as Golden Visa scheme ends
Property sales in Cyprus rose over 30% in October 2020 compared to the same month last year, new data from the Department of Lands & Surveys shows.
According to Cyprus Property News, a key reason for the jump in sales was that many foreign investors rushed to obtain Cypriot citizenship before Cyprus cancelled its Golden Visa program on 1st November.
A total of 1,064 contracts for the sale of real estate were deposited in the month gone by, compared to 813 in October 2019.
Property sales increased in most districts of Cyprus, compared to the same month last year, with the exception of the district of Larnaca, where sales fell by 4% in October.
The district of Limassol led the pack with property sales shooting up 76% largely on account of many multi-storey buildings being built to target wealthy local and overseas real estate buyers. At the same time, property sales in Famagusta rose 60%, sales in Nicosia rose 24% and sales in Paphos rose 5%.