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October property sales rise 37 per cent

The number of property sales in Cyprus continued their upward trend in October with sales rising by 37 per cent compared to October 2015 according to official figures from the Department of Lands and Surveys.

Cyprus property sales rise 37 Per centTHE DEPARTMENT of Lands and Surveys reported a 37 per cent increase in property sales during October compared with October 2015.

During October a total of 634 contracts for the sale of commercial and residential properties and land (building plots and fields) were deposited at Land Registry offices across the island compared with the  463 deposited in October last year.

October’s increase follows a 44% increase in September, a 50% increase in August, and a 26% increase in July.

Of those 634 contracts, 75% (473) were deposited by domestic (Cypriot) purchasers, while 25% (161) 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 October sales rose in all district compared with October 2015. In percentage terms Limassol led the way with sales up 63%, followed closely by Famagusta with a 62% increase, while sales in Larnaca, Nicosia and Paphos rose 28%, 25% and 8% respectively.

Total Property Sale Transactions – 2015/2016 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2015464583888661603765646054
201654
79
82
798298102648180
Famagusta2015162717172133451430293342
201622
3533
35
2434
2741 32 47
Larnaca2015907198676811195758587111114
201678
108121
127
103120
12381 121 111
Limassol2015959716011513513515687114166137169
201692
179197
166
145222
220129 195 270
Paphos201574859494951241408891117105134
201681
100106
107
120183
153136127  126
Totals
2015321325452381405464496301385463446513
2016327
501539
514
474657
625451  556 634

Year to date performance

During the first 10 months of 2016 property sales have risen 32% to reach 5,278 compared with 3,993 during the first 10 months of 2015.

Sales have increased in all districts. Sales in Limassol have risen 44% and by 33% in Famagusta, while sales in Larnaca, Nicosia and Paphos have risen by 29%, 26% and 24% respectively.

Domestic property sales

Property sales to the domestic (Cypriot) market in October rose 34% compared to October 2015, with sales reaching 473 compared with 352 in the same month last year.

In percentage terms Limassol led the way with sales rising by 59% compared to October last year, while sales in Famagusta rose by 54%. Meanwhile, domestic sales in Larnaca, Nicosia and Paphos rose by 37%, 17% and 1% respectively.

Domestic Property Sale Transactions – 2015/2016 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2015393671747458563655605044
201643
70
10
69689294587570
Famagusta2015921616930281425242441
2016203121
33
24 71932 22 37
Larnaca2015774991404582606253598181
2016689685
91
93 759167 90 81
Limassol201571771479086100123658112782123
201668158145
122
126 162156101 142 202
Paphos2015393886643463836447927189
2016617259
65
105 1267488 98 83
Totals
2015235202411284248333350241261352308378
2016260427382
380
416
462
434346  427 473

Year to date performance

Domestic sales during the first ten months of 2016 are up 37% compared with the first nine months of 2015 with sales reaching 4,007 compared with 2,917 during the corresponding period last year.

Sales have risen in all districts. Sales in Limassol have risen by 43%, while sales in Famagusta have risen by 42%. Sales in Paphos, Larnaca and Nicosia have risen by 39%, 35% and 27% respectively.

Overseas property sales

Property sales to the overseas (non-Cypriot) market during October rose 45% compared with October 2015 with 161 properties sold compared with 111 in the same month last year.

During October sales rose in all district compared with October 2015. In percentage terms Nicosia led the way with sales up 150% followed by a 100% increase in Famagusta, while sales in Limassol, Paphos and Larnaca rose by 74%, 23% and 7% respectively.

Overseas Property Sale Transactions – 2015/2016 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2015791214123411041010
201611
9
10
10 14686 610
Famagusta2015725111231705591
20162 412
2
0
27
89 10 10
Larnaca201513227272329351332283033
201610 1236
36
10
45
3214 31 30
Limassol2015242013254935332233395546
201624 2152
44
19
60
6428 53 68
Paphos201535478306161572444353445
201620 2847
42
15
577948 29 43
Totals
201586123419715713114660124111138135
201667 74157
134
58
195
191105  129 161

Year to date performance

During the first ten months of 2016 sales to the overseas market are up 18% compared with the first ten months of 2015 with sales reaching 1,271 compared with 1,076 during the corresponding period last year.

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 (Oct)1,2714,00724.1%5,278
Totals
58,076139,94429.3%198,020

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