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July property sales up 22 per cent

The number of property sales in Cyprus during July rose 22 per cent compared to the numbers sold in July 2014 according to official statistics from the Department of Lands and Surveys.

Cyprus property sales increaseA TOTAL of 496 contracts for the purchase of commercial and residential properties and land in Cyprus were deposited at Land Registry offices during July; an increase of 22% increase on the 407 contracts deposited in July 2014.

Of those 407 contracts, 71% (350) were deposited on behalf of domestic buyers, while 29% (141) were deposited on behalf of overseas buyers.

The improving sentiment in the property market follows moves by the government to reduce Property Transfer Fees, introduce an amnesty for illegal building extensions and plans to issue Title Deeds to those duped by nefarious developers into buying property built on mortgaged land.

With the exception of Nicosia, where property sales declined 7.7% compared to July last year, sales rose in all other districts. In percentage terms Famagusta performed best with sales rising 96% with 45 sales compared to the 23 sold in the same period last year, while sales in Larnaca, Paphos and Limassol rose by 32%, 30% and 12% respectively.

Cyprus property sales

The total number of sales during the first seven months of 2015 is up 8.5% compared with the same period last year with sales reaching 2,844 compared with 2,620.

Domestic sales

Property sales to the Cypriot market rose 11% compared to July 2014, rising to 350 from 315 during July last year.

While sales fell in Nicosia and Paphos, by 8% and 7% respectively, they improved in all other districts. In percentage terms Famagusta performed best with sales rising 1300% to reach 28 compared to the 2 sold in July 2014, while sales in Limassol and Larnaca rose 15% and 7% respectively.

Domestic sales chart

During the first seven months of 2015, property sales to the domestic market have increased 7% compared with the same period last year having risen to 2,063 from 1,927.

Overseas sales

Sales to the overseas market rose 59% in July compared to July 2014, rising to 146 from 92 sold in July last year.

Although sales in Famagusta fell 19% and remained steady in Nicosia, they increased in the other three districts.

Paphos performed best with sales rising 200% to reach 57 compared to the 19 sold in July 2014, while sales in Larnaca and Limassol rose 119% and 3% respectively.

Overseas sales chart

During the first seven months of 2015, property sales to the overseas market have increased 13% compared with the same period last year having risen from 693 to 781.

Cyprus property sales analysis 2000-2015

Readers' comments

Comments on this article are no longer being accepted.

  • Steve says:

    These numbers, particularly the ones showing sales to overseas buyers, might be a little upsetting to those who feel, or hope, that the years of bad publicity regarding property in Cyprus would have created a strong deterrent effect to the extent that the market will never recover.

    Be not sad! The increases are from a very small base compared to the astronomical numbers in the years following the entry into the EU – it’s like the first few impala to go to drink at the water hole. The crocodiles are watching and the first can pay a high price.

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