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Strong growth in Cyprus property sales

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

Strong growth in Cyprus property salesPROPERTY sales in Cyprus increased by 50 per cent in August compared August last year according to the latest official figures published by the Department of Lands and Surveys.

During August a total of 451 contracts for the sale of commercial and residential properties and land (building plots and fields) were deposited at Land Registry offices across the island; up 50% from the 496 sold during August last year.

Of those 451 contracts, 69% (346) were deposited by domestic (Cypriot) purchasers, while 31% (105) were deposited by overseas (non-Cypriot) purchasers.

The 50% increase in August follows a 26% increase in July, 42% increase in June and a 17% increase in May.

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 in the domestic market.

Sales rose in all districts with Famagusta leading the way with sales up 193% compared to August 2015. Sales in Nicosia rose 73%, while sales in Paphos, Limassol and Larnaca rose by 55%, 48% and 8% respectively.

Total Property Sale Transactions – 2015/2016 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2015464583888661603765646054
201654
79
82
79829810264
Famagusta2015162717172133451430293342
201622
3533
35
2434
2741
Larnaca2015907198676811195758587111114
201678
108121
127
103120
12381
Limassol2015959716011513513515687114166137169
201692
179197
166
145222
220129
Paphos201574859494951241408891117105134
201681
100106
107
120183
153136
Totals
2015321325452381405464496301385463446513
2016327
501539
514
474657
625451

Year to date performance

During the first eight months of 2016 property sales have risen 30% to reach 4,088 compared with 3,135 during the corresponding period last year.

Property sales have risen in all districts. In Limassol sales have risen 38% and they have risen by 32% in Famagusta. Meanwhile, sales in Larnaca, Nicosia and Paphos have risen 28%, 26% and 24% respectively.

Domestic property sales

Property sales to the domestic (Cypriot) market in August rose 44% compared to August 2015, with sales reaching 346 compared with 241 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.)

Sales rose in all districts with Famagusta leading the way with sales up 129% compared to August 2015. Sales in Nicosia rose 61%, while sales in Limassol, Paphos and Larnaca rose by 55%, 38% and 8% respectively.

Domestic Property Sale Transactions – 2015/2016 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2015393671747458563655605044
201643
70
10
6968929458
Famagusta2015921616930281425242441
2016203121
33
24 71932
Larnaca2015774991404582606253598181
2016689685
91
93 759167
Limassol201571771479086100123658112782123
201668158145
122
126 162156101
Paphos2015393886643463836447927189
2016617259
65
105 1267488
Totals
2015235202411284248333350241261352308378
2016260427382
380
416
462
434346

Year to date performance

Domestic sales during the first seven months of 2016 are up 35% compared with the first seven months of 2015 with sales reaching 3,107 compared with 2,304 during the corresponding period last year.

Sales have risen in all districts. Sales in Famagusta have risen 51% and by 38% in Paphos, while sales in Limassol, Larnaca and Nicosia have risen by  37%, 32% and 27% respectively.

Overseas property sales

Property sales to the overseas (non-Cypriot) market rose 75% in August compared with August 2015 with 105 properties being sold compared with 60 in the same month last year.

Sales rose in all districts. In percentage terms, Nicosia led the way with sales to the overseas market up 500% compared to August 2015, while sales in Paphos, Limassol, and Larnaca rose by 100%, 27% and 8%% respectively. (Nine properties were sold in Famagusta following August 2015’s dismal total of zero).

Overseas Property Sale Transactions – 2015/2016 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2015791214123411041010
201611
9
10
10 14686
Famagusta2015725111231705591
20162 412
2
0
27
89
Larnaca201513227272329351332283033
201610 1236
36
10
45
3214
Limassol2015242013254935332233395546
201624 2152
44
19
60
6428
Paphos201535478306161572444353445
201620 2847
42
15
577948
Totals
201586123419715713114660124111138135
201667 74157
134
58
195
191105

Year to date performance

Overseas sales during the first seven months of 2016 are up 17% compared with the first seven months of 2015 with sales reaching 981 compared with 841 during the corresponding period last year.

With the exception of Famagusta, where sales have fallen by 3%, they have risen in all the other districts.

Sales in Limassol have risen 41%, while sales in Nicosia, Larnaca and Paphos are up 19%, 15% 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 (Aug)
9813,10724.0%4,088
Totals
57,786139,04429.4%196,830

 

Readers' comments

Comments on this article are no longer being accepted.

  • Tearing my hair out.. says:

    Thanks. I do appreciate it is tricky to get behind the official data (and something of a step forward you can actually get data). What may help is the following:

    i) Get an idea as to who the property investor forums are being aimed at. Currently (I think) it’s Thailand. But it’s been China, and Qatar, and Iraq and … ?

    ii) Try to see if anyone knows what the loan restructuring process looks like (what amounts are being offered as discounts. Banks will no doubt keep this information very much in house – but the borrowers will know (if they are prepared to say)

    iii) Court cases, bankruptcy ‘fire sales’. Weren’t Group 4 involved in one?

    That sort of thing. If people ask “has the problem bottomed out”? I find it hard to give a definitive answer. I suspect I am not alone. It’s a door we all need to keep shoving on.

  • Tearing my hair out.. says:

    Thank you – I saw that. However, if we are trying to get a clearer picture as to the sustainability of any possible recovery we need to try and dig behind the stats a bit if anyone has any further data from any of their activity on the ground out there.

    I hence thought asking the question was still valid, but should have acknowledged the comment made.

    I thought this was an interactive forum – but if we are in school – I’ll go sit on the naughty step…

    Ed: Unfortunately the Department of Lands and Surveys does not provide their statistics in sufficient detail to show the nationalities of those buying property. It merely provides stats showing Cypriots & non-Cypriots on the ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Αρχεία Δεδομένων page of their website.

  • Deanna says:

    Quote from above “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 in the domestic market.”

    Says it all really.

  • Tearing my hair out.. says:

    Be good to know if this is sustainable and what underlying factors might be driving the upswing?

    E.g: who is buying them? Distressed asset hawkers or people attempting to get their money out of another country?

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