- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Overseas property sales falter

DURING December 2014, a total of 454 contracts to purchase immovable property were deposited at Land Registry offices across Cyprus; a 20 per cent increase compared with December 2013 when 379 contracts were deposited according to official statistics.

Of those 454 contracts, 97 (21%) were deposited in favour of overseas buyers, while the remaining 357 (79%) were deposited in favour of domestic buyers.

However, this increase was totally attributable to domestic sales which rose by more than a third compared to December 2013, while sales to the overseas market faltered and fell by 14 per cent.

Overall sales in 2014 stood at 4,527; an increase of 20% compared with 2013.

Domestic sales

Sales to the domestic market rose sharply, increasing 34 per cent compared to December 2013.

Although sales in the capital Nicosia fell (-26%), they improved in all other districts. Paphos headed the field with an 82% increase in sales, followed by Limassol (+13%) and Larnaca (+7%) and in Famagusta, where no sales were achieved in December 2013, 43 properties were sold.

Cyprus domestic property sales December 2014

Property sales to the domestic market in 2014 stood at 3,334; an increase of 20% compared to 2013 when 2,750 were sold.

Overseas sales

Sales to the overseas market fell 14% compared to December 2013. Although sales improved in Larnaca (+229%) and Paphos (+51%) they fell in Famagusta (-86%), Nicosia (-85%) and Limassol (-36%).

Cyprus overseas property sales December 2014

Property sales to the overseas market in 2014 stood at 1,193; an increase of 17% compared to 2013 when 1,017 were sold.