Cyprus saw a large drop in sales for April and May and a 10% drop in June due to the ongoing Covid 19 situation. However the sales for July have been encouraging. There have been a total of 825 sales contracts deposited at the Land Registry offices in comparison to 896 in July last year.
Nicosia saw the highest increase from last year which rose by 44% with Famagusta also showing an increase of 22%. Limassol, Larnaca, Paphos all saw a decrease in sales when compared to July last year.
The Cyprus government approved an interest rate subsidy for new housing loans up to €300,000 which concerns new loans for primary residences and covers housing loans granted between 1st March 2020 to 31st December 2020. This will cover 1.5% of the interest rate up to 4 years.