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November property sales up 46 per cent

The number of property sales in Cyprus continued their upward trend in November with sales rising by 46 per cent compared to November 2015 according to official figures from the Department of Lands and Surveys.

Cyprus property salesTHE DEPARTMENT of Lands and Surveys reported a 46 per cent increase in property sales during November compared with November 2015.

During November a total of 651 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  446 deposited in November last year.

November’s increase follows a 37% increase in October, a 50% increase in September, and a 50% increase in August.

Of those 651 contracts, 463 (71%) were deposited by domestic (Cypriot) purchasers, while 29% (188) were deposited by overseas (non-Cypriot) purchasers.

With the exception of Famagusta, where sales fell 42%, sales rose in all district compared with November 2015. In percentage terms Limassol led the way with sales up 82%, followed by Famagusta, where dales rose by 74%. Meanwhile, sales in Nicosia and Larnaca rose by 43% and 3% respectively.

Total Property Sale Transactions – 2015/2016 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2015464583888661603765646054
201654
79
82
79829810264818086
Famagusta2015162717172133451430293342
201622
3533
35
2434
2741 32 4719
Larnaca2015907198676811195758587111114
201678
108121
127
103120
12381 121 111114
Limassol2015959716011513513515687114166137169
201692
179197
166
145222
220129 195 270249
Paphos201574859494951241408891117105134
201681
100106
107
120183
153136127  126183
Totals
2015321325452381405464496301385463446513
2016327
501539
514
474657
625451  556 634651

Year to date performance

During the first 11 months of 2016 property sales have risen 34% to reach 5,929 compared with 4,439 during the first 11 months of 2015.

Sales have increased in all districts. Sales in Limassol have risen 48% and by 28% in Famagusta, Nicosia and Paphos. Meanwhile, sales in Larnaca have risen by 24%.

Domestic property sales

Property sales to the domestic (Cypriot) market in November rose 50% compared to November 2015, with sales reaching 463 compared with 308 in the same month last year.

While domestic sales in Famagusta and Larnaca fell by 63% and 9% respectively compared to November last year, they rose in the remaining three districts.

Sales in Limassol rose 139%, sales in Paphos were up 56% and sales in Nicosia rose 46%.

Domestic Property Sale Transactions – 2015/2016 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2015393671747458563655605044
201643
70
10
6968929458757073
Famagusta2015921616930281425242441
2016203121
33
24 71932 22 379
Larnaca2015774991404582606253598181
2016689685
91
93 759167 90 8174
Limassol201571771479086100123658112782123
201668158145
122
126 162156101 142 202196
Paphos2015393886643463836447927189
2016617259
65
105 1267488 98 83111
Totals
2015235202411284248333350241261352308378
2016260427382
380
416
462
434346  427 473463

Year to date performance

Domestic sales during the first eleven months of 2016 are up 39% compared with the first eleven months of 2015 with sales reaching 4,470 compared with 3,225 during the corresponding period last year.

Sales have risen in all districts. Sales in Limassol have risen by 50%, while sales in Paphos have risen by 40%. Sales in Larnaca have risen 30% while sales in both Nicosia and Famagusta are up 29%.

Overseas property sales

Property sales to the overseas (non-Cypriot) market during November rose 31% compared with November 2015 with 188 properties sold compared with 138 in the same month last year.

With the exception of Famagusta, where sales fell 42% compared with November last year, they rose in all other districts.

Sales in Limassol rose 82%, while those in Paphos, Nicosia and Larnaca rose by 74%, 43% and 3% respectively compared with November 2015.

Overseas Property Sale Transactions – 2015/2016 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2015791214123411041010
201611
9
10
10 14686 61013
Famagusta2015725111231705591
20162 412
2
0
27
89 10 10 10
Larnaca201513227272329351332283033
201610 1236
36
10
45
3214 31 30 40
Limassol2015242013254935332233395546
201624 2152
44
19
60
6428 53 68 53
Paphos201535478306161572444353445
201620 2847
42
15
577948 29 43 72
Totals
201586123419715713114660124111138135
201667 74157
134
58
195
191105  129 161 188

Year to date performance

During the first eleven months of 2016 sales to the overseas (non-Cypriot) market are up 20% compared with the first eleven months of 2015 with sales reaching 1,459 compared with 1,214 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 (Nov)1,4594,47024.6%5,929
Totals
58,264140,40729.3%198,671

Readers' comments

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  • sky says:

    I’ve got the answer to my question in Cyprus Mail:

    “The increase in property transactions this year includes assets acquired by banks as part of restructuring agreements with borrowers”

    So this is consistent with the number of NPLs… Problem is that those properties are still on the market, and banks (for what I’ve seen till now) are not ready (or willing) to sell them at realistic prices (let alone give away prices.

    I think that the point for the banks is to hold on those properties so as not to overflow the market with properties and, doing this, to artificially raise the real estate prices, and thus the value of their non-stop growing real estate portfolio (less supply = price increase)

  • sky says:

    Strange paradox…How can the domestic sales increase so much in a country where more than 50% of people can’t repay their real estate loan…??

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