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Property sales up 44 per cent

The number of properties sold in Cyprus during September rose by 44 per cent compared to September 2015 according to the latest official figures published by the Department of Lands and Surveys.

Cyprus property sales up 44%PROPERTY sales in Cyprus increased by 44 per cent in September compared to September last year according to the latest official figures published by the Department of Lands and Surveys.

During September a total of 556 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 44% over the 385 sold in September last year.

September’s increase follows a 50% increase in August, a 26% increase in July, and a 42% increase in June.

Of those 556 contracts, 77% (427) were deposited by domestic (Cypriot) purchasers, while 23% (129) were deposited by overseas (non-Cypriot) purchasers.

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 (Cypriot) market.

During September sales rose in all district compared with September 2015. In percentage terms:

  • Sales in Limassol rose 71%
  • Sales in Larnaca rose 42%
  • Sales in Paphos rose 40%
  • Sales in Nicosia rose 25%
  • Sales in Famagusta rose 7%

Total Property Sale Transactions – 2015/2016 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2015464583888661603765646054
201654
79
82
7982981026481
Famagusta2015162717172133451430293342
201622
3533
35
2434
2741 32
Larnaca2015907198676811195758587111114
201678
108121
127
103120
12381 121
Limassol2015959716011513513515687114166137169
201692
179197
166
145222
220129 195
Paphos201574859494951241408891117105134
201681
100106
107
120183
153136127
Totals
2015321325452381405464496301385463446513
2016327
501539
514
474657
625451  556

Year to date performance

During the first 9 months of 2016 property sales have risen 32% to reach 4,644 compared with 3,530 during the corresponding period last year.

Sales have increased in all districts. Sales in Limassol have risen 41% and by 29% in both Larnaca and Famagusta. Sales in Paphos and Nicosia (the capital) have both risen by 26%.

Domestic property sales

Property sales to the domestic (Cypriot) market in September rose 64% compared to September 2015, with sales reaching 427 compared with 261 in the same month last year.

Although sales in Famagusta fell by 12%, they rose in all the other districts.

In percentage terms Paphos led the way with sales rising by 109% compared to September last year, whiles sales in Limassol, Larnaca and Nicosia rose by 75%, 70% and 36% respectively.

Domestic Property Sale Transactions – 2015/2016 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2015393671747458563655605044
201643
70
10
696892945875
Famagusta2015921616930281425242441
2016203121
33
24 71932 22
Larnaca2015774991404582606253598181
2016689685
91
93 759167 90
Limassol201571771479086100123658112782123
201668158145
122
126 162156101 142
Paphos2015393886643463836447927189
2016617259
65
105 1267488 98
Totals
2015235202411284248333350241261352308378
2016260427382
380
416
462
434346  427

Year to date performance

Domestic sales during the first nine months of 2016 are up 38% compared with the first nine months of 2015 with sales reaching 3,534 compared with 2,565 during the corresponding period last year.

Sales have risen in all districts. Sales in Paphos have risen by 44%, while sales in Famagusta and Limassol have risen by 40%. Sales in Larnaca and Nicosia have risen by 35% and 28% respectively

Overseas property sales

Property sales to the overseas (non-Cypriot) market during September were disappointing rising just 4% compared with September 2015 with 129 properties being sold compared with 124 in the same month last year.

Property sales in Nicosia, Paphos and Larnaca fell by 40%, 34% and 3% respectively. But on a brighter note sales in Famagusta rose 100% to reach 10 and sales in Limassol rose by 61% reaching 53.

Overseas Property Sale Transactions – 2015/2016 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2015791214123411041010
201611
9
10
10 14686 6
Famagusta2015725111231705591
20162 412
2
0
27
89 10
Larnaca201513227272329351332283033
201610 1236
36
10
45
3214 31
Limassol2015242013254935332233395546
201624 2152
44
19
60
6428 53
Paphos201535478306161572444353445
201620 2847
42
15
577948 29
Totals
201586123419715713114660124111138135
201667 74157
134
58
195
191105  129

Year to date performance

Overseas sales during the first nine months of 2016 are up 15% compared with the first nine months of 2015 with sales reaching 1,110 compared with 965 during the corresponding period last year.

With the exception of Paphos, where sales have fallen by 1%, they have risen in all the other districts.

Sales in Limassol have risen 44%, while sales in Larnaca and Nicosia have risen by 12% 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 (Sep)1,1103,53423.9%4,644
Totals
57,915139,47129.3%197,368

Readers' comments

Comments on this article are no longer being accepted.

  • Baz says:

    Nationalities???

    Ed: The Department of Lands & Surveys doesn’t publish details of nationalities – only Cypriot and non-Cypriot. Having just looked through a contract sent to me by a Dutchman, it doesn’t state his nationality.

  • Deanna says:

    Well now we don’t know how many ‘new’ contracts since they can’t separate the wheat from the chaff. So these figures are just spin…

    Ed: We can be sure the figures for sales to the overseas market are OK.

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