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Domestic and overseas property sales increase

Sales of property in Cyprus to the domestic and overseas market both improved in June according to the latest statistics from the Department of Lands and Surveys with the number of contracts deposited increasing.

Earlier today, the Department of Lands and Surveys published a breakdown of property sales which show that, during June, sales to the domestic market and the overseas market both improved compared to the same period last year.

During June a total of 403 contracts for the sale of commercial and residential properties and plots of land were deposited at Land Registry offices across Cyprus; an increase of 157 per cent on the 267 contracts deposited during the same period last year.

Of those 403 contracts, 305 (76%) were deposited on behalf of domestic buyers, while 98 (27%) were deposited in favour of overseas buyers.

Domestic property sales

With the exception of Famagusta and Paphos, where sales fell 9 per cent and 3 per cent respectively compared to last year, sales increased in all other districts.

Sales in Limassol increased 137 per cent, while those in Larnaca and Nicosia rose by 110 per cent and 19 per cent respectively.

Cyprus domestic property salesDuring the first half of 2014 a total of 1,612 domestic sales have been achieved, an increase of 334 (26%) on the 1,278 sold during the first six months of 2013.

Overseas property sales

Property sales to the overseas market in June increased compared to June 2013, although not achieving the strong gains experienced during May.

Paphos performed best, with the number of properties sold in the district more than the total numbers sold in Larnaca, Famagusta and Nicosia. Larnaca saw sales improve by 80 per cent and Limassol saw sales improve by 7 per cent – and although sales also increased in Famagusta and Nicosia, the numbers sold in June were still in single-digits.

Cyprus overseas property salesDuring the first six months of 2014 a total of 601 overseas sales have been achieved, up 20% on the 501 achieved during the first half of 2013.

Will Cyprus bounce back?

Property sales to the domestic market may be slowly returning following the ‘haircut’ on bank deposits last year although it seems unlikely that they will reach 4,793 achieved in 2012. Sales to the overseas market are also improving and annual sales in 2014 could better the 1,476 sold in 2012 if the momentum continues.

property sales  2000-2014

Readers' comments

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  • george says:

    I’m waiting for the bloodbath and I’ll buy a house (Not an investment) Repossessions are coming.

  • John Mann says:

    Don’t believe a word of it, only a few weeks ago sales, building permits, ect, ect, were at an all time low, now everything is on the up!! It doe not change that quickly.

    I think if someone told me it was sunny, I would have to go outside and have a look for myself.

  • @Mike on 2014/07/25 at 9:53 am – I suspect that some of the foreign buyers do not speak English and may be unaware of the problems associated with buying property.

    One of the ‘well known’ lawyers in Paphos visited China a couple of years ago as part of a delegation promoting property on the island.

  • Deanna says:

    Amazing isn’t it, and only the other day we had the worst performance in europe.
    I’m beginning to think the Dept of Lands and Surveys is the Ministry of Truth in disguise.

  • Mike says:

    It may possibly be true then that you can in fact fool all the people all of the time and not just some of the people some of the time. In which case if, despite all the warnings, scam alerts, documented cases and information freely available on personal and official government websites, people still freely wish to risk their lifes savings and assuming they are of sound mind (arguable) then they must be free to squander whatever they wish on whatever they wish. The sellers need to be congratulated for overcoming insurmountable opposition and negative publicity and still have the skills to convince buyers to buy. I wish I had salesmen like that when I was in business.

  • Jammer says:

    People must be snapping up those properties of sub-standard build, without title deeds and saddled with multiple debts charged against them. Crisis over. The Cyprus property market has been saved!

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