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Property sales continue to improve

Property sales in Cyprus increased in March 2016 compared to the same period last year, according to official statistics published by the Department of Lands and Surveys, with sales up by 19 per cent.

Cyprus property sales improveTHE NUMBER of property sales in Cyprus during March 2016 increased by 19 per cent compared with March 2015 according to the latest official figures issued by the Department of Lands & Surveys.

The 19% increase in March follows a 54% increase in February and a 2% increase in January. Increases have been recorded for the last seven months and it seems that a recovery in the property market may be underway after years of decline and stagnation.

March saw a total of 539 contracts for the sale of commercial and residential properties and land (building plots and fields) being deposited at Land Registry offices across the island.

Of those 539 contracts, 71% (382) were deposited by domestic (Cypriot) purchasers, while 29% (157) were deposited by overseas (non-Cypriot) purchasers.

Although sales fell by 1% in the capital Nicosia, they rose in all the other districts. Sales in Famagusta increased by 94% compared with March 2015, while sales in both Larnaca and Limassol increased by 23%, with sales in Paphos up by 19%.

Total Property Sale Transactions – 2015/2016 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2015464583888661603765646054
201654
79
82
Famagusta2015162717172133451430293342
201622
3533
         
Larnaca2015907198676811195758587111114
201678
108121
         
Limassol2015959716011513513515687114166137169
201692
179197
         
Paphos201574859494951241408891117105134
201681
100106
         
Totals
2015321325452381405464496301385463446513
2016327
501539
         

During the first quarter of 2016 sales have risen 24% to reach 1,367 compared with 1,098 sales during the first quarter of 2015.

Domestic property sales

Property sales to the domestic (Cypriot) market in March fell 7% compared to March 2015, with sales reaching 382 compared with 411 in March last year.

Although sales in Famagusta and Nicosia rose 31% and 1% respectively, they declined in Paphos, Larnaca and Limassol by 31%, 7% and 1% respectively.

Domestic Property Sale Transactions – 2015/2016 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2015393671747458563655605044
201643
70
10
Famagusta2015921616930281425242441
2016203121
         
Larnaca2015774991404582606253598181
2016689685
         
Limassol201571771479086100123658112782123
201668158145
         
Paphos2015393886643463836447927189
2016617259
         
Totals
2015235202411284248333350241261352308378
2016260427382
         

Domestic sales during the first quarter of 2016 are up 26% compared with the first quarter of 2015 with sales reaching 1,069 compared to last year’s figure of 848.

Overseas property sales

In contrast with domestic sales, property sales to the overseas (non-Cypriot) market rose 283% in March compared with March 2014 with 157 properties being sold compared with just 41 in the same period last year.

With the exception of sales in the capital Nicosia, where sales declined 17% compared to last year, they rose in all other districts.

In percentage terms sales in Famagusta rose 1,100% (increasing from just 1 in March 2015 to 12 in March 2016). Meanwhile sales in Paphos rose 488%, sales in Larnaca rose 414% and sales in Limassol rose 300%.

It should be borne in mind that that these increases are from a very low base, but the signs are positive that a recovery in the overseas property market may be under way.

Overseas Property Sale Transactions – 2015/2016 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2015791214123411041010
201611
9
10
Famagusta2015725111231705591
20162 412
         
Larnaca201513227272329351332283033
201610 1236
         
Limassol2015242013254935332233395546
201624 2152
         
Paphos201535478306161572444353445
201620 2847
         
Totals
201586123419715713114660124111138135
201667 74157
         

Sales to the overseas property market during the quarter of 2016 are up 19% compared with the first quarter of last year with sales rising to 298 compared to last year’s figure of 250.

Cyprus Property Sale Transactions 2000 – 2016

YearOverseas SalesDomestic SalesPercentage
Overseas Sales
Total
Sales
200045012,2143.6%12,664
20011,20712,8498.6%14,056
20022,54814,11115.3%16,659
20033,98115,29420.7%19,275
20045,38411,94731.1%17,331
20056,48510,10639.1%16,591
20068,3558,59849.3%16,953
200711,2819,96453.1%21,245
20086,6368,03145.2%14,667
20091,7616,40921.6%8,170
20102,0306,56823.6%8,598
20111,6525,36623.5%7,018
20121,4764,79323.5%6,269
20131,0172,75027.0%3,767
20141,1933,33426.4%4,527
20151,3493,60327.2%4,952
2016 (Mar)
2981,06921.8%1,367
Totals
57,103137,00629.4%194,109

 

Readers' comments

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  • sky says:

    What is interesting to see in these charts is that during the real estate bubble domestic and overseas investment were on the same ground.

    Since then, the real estate market is kept afloat by local sales and employment figures are stalling, the government has a bunch of loans coming to term, global economy is stalling, NPL issue is not solved yet….

    Next year will be interesting to watch…

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