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July property sales up 26 per cent (Updated)

The number of properties sold in Cyprus during July rose by 26 per cent compared to July 2015 according to the latest official figures published by the Department of Lands and Surveys.

Cyprus property sales up 26 per centPROPERTY sales in Cyprus increased by 26 per cent in July compared July last year according to the latest official figures published by the Department of Lands and Surveys.

During July a total of 625 contracts for the sale of commercial and residential properties and land (building plots and fields) were deposited at Land Registry offices across the island; an increase of 26% over the 496 sold in July last year.

Of those 625 contracts, 69% (434) were deposited by domestic (Cypriot) purchasers, while 31% (191) were deposited by overseas (non-Cypriot) purchasers.

However the demand for properties being auctioned is extremely weak. Of the 43 pieces of real estate that were offered at auction in July, only 6 were purchased.

The 26% increase in July follows a 42% increase in July and a 17% increase in May and a 35% increase in April.

The number of contracts includes ‘non-sale’ agreements such as loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers. As these ‘non-sale’ agreements are not recorded separately, there is no clear picture of the actual demand for property.

With the exception of Famagusta, where sales during July fell 40% compared to the same period last year, they rose in all other districts.

Sales in Nicosia rose 70% compared with July 2015, while sales in Limassol, Larnaca and Paphos rose by 41%, 29% and 9% respectively.

Total Property Sale Transactions – 2015/2016 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2015464583888661603765646054
201654
79
82
798298102
Famagusta2015162717172133451430293342
201622
3533
35
2434
27
Larnaca2015907198676811195758587111114
201678
108121
127
103120
123
Limassol2015959716011513513515687114166137169
201692
179197
166
145222
220
Paphos201574859494951241408891117105134
201681
100106
107
120183
153
Totals
2015321325452381405464496301385463446513
2016327
501539
514
474657
625

Year to date performance

During the first 7 months of 2016 property sales have risen 28% to reach 3,637 compared with 2,844 during the corresponding period last year.

Property sales have risen in all districts. Sales in Limassol have risen 37% and have risen by 30% in Larnaca. Sales in Nicosia, Paphos and Famagusta have risen 23%, 20% and 19%.

Domestic property sales

Property sales to the domestic (Cypriot) market in July rose 24% compared to July 2015, with sales reaching 434 compared with 350 in the same month last year.

(Note that domestic sales include ‘non-sale’ agreements and the figures presented do not truly reflect the number of ‘real’ sales.)

While sales in Famagusta and Paphos fell by 32% and 11% respectively compared to July last year, they rose in the other three districts.

Sales in Nicosia rose 68%, while sales in Larnaca and Limassol rose 52% and 27% respectively.

Domestic Property Sale Transactions – 2015/2016 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2015393671747458563655605044
201643
70
10
69689294
Famagusta2015921616930281425242441
2016203121
33
24 719
Larnaca2015774991404582606253598181
2016689685
91
93 7591
Limassol201571771479086100123658112782123
201668158145
122
126 162156
Paphos2015393886643463836447927189
2016617259
65
105 12674
Totals
2015235202411284248333350241261352308378
2016260427382
380
416
462
434

Domestic sales during the first seven months of 2016 are up 34% compared with the first seven months of 2015 with sales reaching 2,761 compared with 1,713 during the corresponding period last year.

Sales have risen in all districts. Sales in Famagusta have risen 41% and have risen 35% in both Limassol and Larnaca. Sales in Paphos are up 34%, while sales in Nicosia have risen 25%.

Overseas property sales

Property sales to the overseas (non-Cypriot) market rose 31% in July compared with July 2015 with 191 properties being sold compared with 146 in the same month last year.

While sales in Famagusta and Larnaca to the overseas market fell 53% and 9% respectively compared to July 2015, they rose in all the other districts.

In percentage terms, Nicosia led the way with sales to the overseas market up 100% compared to July 2015, while sales in Limassol, and Paphos rose by 94% and 39% respectively.

Overseas Property Sale Transactions – 2015/2016 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2015791214123411041010
201611
9
10
10 1468
Famagusta2015725111231705591
20162 412
2
0
27
8
Larnaca201513227272329351332283033
201610 1236
36
10
45
32
Limassol2015242013254935332233395546
201624 2152
44
19
60
64
Paphos201535478306161572444353445
201620 2847
42
15
5779
Totals
201586123419715713114660124111138135
201667 74157
134
58
195
191

Overseas sales during the first seven months of 2016 are up 12% compared with the first seven months of 2015 with sales reaching 876 compared with 781 during the corresponding period last year.

With the exception of Famagusta and Paphos, where sales have fallen by 17% and 4% respectively, they have risen in all the other districts.

Sales in Limassol have risen 43%, while sales in Larnaca and Nicosia are up 16% and 11% 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 (Jul)
8762,76124.1%3,637
Totals
57,681138,69829.4%196,379

 

Readers' comments

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  • Mary Collecott says:

    Does the Article on property sales mean actual sales or title deed acquisitions? This is quite an important difference. Many thanks.

    Ed: The figures are show the number of contracts for the acquisition of property deposited at Land Registries. They are not Title Deed acquisitions. (Title Deed acquisitions = property transfers). The actual transfer of the property can take many years.

  • Deanna says:

    “The number of contracts includes ‘non-sale’ agreements such as loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers”

    So, bottom line; these figures are meaningless.

  • sky says:

    If one takes into account the first half of each year, 2015 = 2350 properties sold 2016 = 3012 properties sold.

    Even if the ratio is 20% more year on year, it’s not that much of a difference as the volume of sale is quite small…

    And, on top of that, if one subtract the debt-to-asset properties, the title deeds at last delivered for properties already sold, not sure the real figure of property sale is increasing…

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