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Property sales recovery strengthens

Property sales in Cyprus increased in June 2016 compared to the same period last year, according to official statistics published by the Department of Lands and Surveys, with sales up 42 per cent.

Cyprus property sales recovery strengthensTHE NUMBER of property sales in Cyprus during June 2016 increased by 42 per cent compared with June 2015 according to the latest official figures issued by the Department of Lands & Surveys.

The 42% increase in June follows a 17% increase in May and a 35% increase in April.

However the figures include debt-to-asset swaps, which inflate the numbers. Borrowers who are unable to service their loans have been encouraged to benefit from the debt-to-asset swaps as the law passed on 1st January, which exempts them from paying Property Transfer Fees. It also helps them to repay their debts and avoids insolvency. The debt-to-asset swaps also helps the banks reduce their non-performing loans (NPLs) and improves their balance sheets.

June saw a total of 657 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 657 contracts, 70% (462) were deposited by domestic (Cypriot) purchasers, while 30% (195) were deposited by overseas (non-Cypriot) purchasers.

Sales rose in all districts. Sales in Famagusta rose 64% compared with June 2015, while sales in Nicosia rose 61%. Meanwhile sales in Paphos, Larnaca and Famagusta rose 48%, 8% and 3% respectively.

Total Property Sale Transactions – 2015/2016 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2015464583888661603765646054
201654
79
82
798298
Famagusta2015162717172133451430293342
201622
3533
35
2434
Larnaca2015907198676811195758587111114
201678
108121
127
103120
Limassol2015959716011513513515687114166137169
201692
179197
166
145222
Paphos201574859494951241408891117105134
201681
100106
107
120183
Totals
2015321325452381405464496301385463446513
2016327
501539
514
474657

During the first half of 2016 sales have risen 28% to reach 3,012 compared with 2,348 sales during the corresponding period of last year.

Domestic property sales

Property sales to the domestic (Cypriot) market in June rose 39% compared to June 2015, with sales reaching 462 compared with 333 in the same month last year.

Although sales in Famagusta and Larnaca fell by 77% and 9% respectively compared to June last year, they rose in the other three districts.

Sales in Paphos rose 100%, while sales in Limassol and Nicosia rose 62% and 59% respectively.

Domestic Property Sale Transactions – 2015/2016 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2015393671747458563655605044
201643
70
10
696892
Famagusta2015921616930281425242441
2016203121
33
24 7
Larnaca2015774991404582606253598181
2016689685
91
93 75
Limassol201571771479086100123658112782123
201668158145
122
126 162
Paphos2015393886643463836447927189
2016617259
65
105 126
Totals
2015235202411284248333350241261352308378
2016260427382
380
416
462

Domestic sales during the first half of 2016 are up 36% compared with the first half of 2015 with sales reaching 2,327 compared with 1,713 sales during the corresponding period last year.

Overseas property sales

Property sales to the overseas (non-Cypriot) market rose 49% in June compared with June 2015 with 195 properties being sold compared with just 131 in the same month last year.

Although sales in Paphos to the overseas market fell 7% compared to June 2015, they rose in all the other districts.

Sales in Famagusta rose 800% (with no sales being recorded in May), while sales in Nicosia, Limassol and Larnaca rose by 100%, 71% and 55% respectively

Overseas Property Sale Transactions – 2015/2016 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2015791214123411041010
201611
9
10
10 146
Famagusta2015725111231705591
20162 412
2
0
27
Larnaca201513227272329351332283033
201610 1236
36
10
45
Limassol2015242013254935332233395546
201624 2152
44
19
60
Paphos201535478306161572444353445
201620 2847
42
15
57
Totals
201586123419715713114660124111138135
201667 74157
134
58
195

Sales to the overseas property market during the half of 2016 are up 8% compared with the first half of last year with sales rising to 685 compared to last year’s figure of 635. However, the half year’s sales in Paphos and Famagusta are down 14% and 4% respectively.

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 (Jun)
6852,32729.7%3,012
Totals
57,490138,26429.4%195,754

Readers' comments

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  • IaN says:

    I hope that there’s a Chinese or Russian version of the update.

    Seriously wasted upon any Brits who know better than to trust Cypriot statistics.

    After all: an increase of 1, when Sales are 1 gives 100% increase.

    Lies, damned lies and statistics

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