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Cyprus property sales faltering?

Although property sales in Cyprus increased for the fifth consecutive month in July, the rate of growth seem to be faltering with sales to the overseas market declining compared with the same period last year.

PROPERTY sales in Cyprus during July increased compared to July 2013 according to figures published by the Department of Lands and Surveys, but the rate of growth appears to be slowing.

During July a total of 407 contracts for the sale of commercial and residential properties and plots of land were deposited at Land Registry offices across Cyprus; an increase of 15% on the 354 contracts deposited in July 2013.

Of those 407 contracts 77% (315) were deposited on behalf of domestic buyers, while 23% (92) were deposited in favour of overseas buyers.

With the exception of Nicosia, where sales fell 31% to reach 65 compared to the 94 sold in July last year, sales increased in all other districts.

In percentage terms, Famagusta recorded the strongest growth with sales increasing by 64%. Sales in Paphos increased by 50%, while those in Larnaca and Limassol increased by 31% and 17% respectively.

Cyprus: Total property sales July 2014

During the first seven months of 2014 total sales reached 2,620; an increase of 23% compared with the 2,123 sold during the same period in 2013. However, the increase of 15% in July suggests that the rate of growth may be faltering.

Domestic sales

Domestic sales in July increased by 26% compared with the same month last year, rising to 315 from 251. However, this increase was limited to three of the five districts.

A mere 2 properties were sold in Famagusta, an 82% fall compared to the 11 sales achieved in July last year. (Famagusta is favoured by Nicosians looking for a second home for weekends and short breaks). Sales in the capital Nicosia fell 23% reaching 61 compared to 79 in July 2013.

In percentage terms, Paphos experienced the greatest improvement with domestic sales up 198% compared to July 2013, while sales in Larnaca and Limassol rose 27% and 23% respectively.

Cyprus: Domestic property sales July 2014

During the first seven months of 2014, domestic sales are up 26% compared to the first seven months of 2013, having increased to 1,927 from 1,529.

Overseas property sales

Property sales to the overseas market in July fell 11% compared to July 2013 with a total of 92 properties sold compared to 103 in July 2013.

Sales in Nicosia fell 73%, while those in Paphos fell 55% and sales in Limassol remained steady at last year’s level.

Meanwhile, sales in Famagusta rose to 21 from the 3 sold in July last year – a 600% increase, while sales in Larnaca rose 46%.

Cyprus: Overseas property sales July 2014

During the first seven months of 2014, sales to the overseas market are up 15% compared to the same period last year having increased to 693 from 604.

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