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Property sales off to a promising start

Property sales in Cyprus got off to a promising start in 2017 with sales increasing in all districts during January (with the exception of Famagusta) compared to the numbers sold in January 2016.

Cyprus property salesPROPERTY sales in Cyprus during January 2017 rose by 29 per cent compared to the same period last year according to the official statistics published by the Department of Lands and Surveys; 2017 got off to a promising start.

During January 2017 a total of 423 contracts for the sale of commercial and residential properties and land (building plots and fields) were deposited at Land Registry offices across Cyprus, compared with the 327 deposited in January 2016.

Of those 423 contracts, 330 (78%) were deposited by Cypriot purchasers and 93 (22%) were deposited in favour of overseas purchasers.

Although sales in Famagusta fell 5% compared with January 2016, they increased in all the other districts. Limassol lead the way with sales up 43%, followed by Nicosia where sales were up 33%, while sales in Larnaca and Paphos rose by 31% and 19% respectively.

Total Property Sale Transactions – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201654
79
82
79829810264818086144
201772
Famagusta201622
3533
35
2434
2741 32 471987
201721
Larnaca201678
108121
127
103120
12381 121 111114153
2017102
Limassol201692
179197
166
145222
220129 195 270249432
2017132
Paphos201681
100106
107
120183
153136127 126183318
201796
Totals2016327
501539
514
474657
625451 556 634651 1134
2017423

Although it was feared by some that the Capital Gains Tax concession introduced in mid-2015 exempting those who purchased property by 31 December 2016 from paying Capital Gains Tax regardless of when the property was sold would result in a fall in property sales, their fears appear groundless.

Domestic property sales

Property sales to the domestic (Cypriot) market in January 2017 rose 27% compared with sales during the same period last year, with sale (and ‘non-sale’) agreements reaching 330 compared with 260 in the same month last year.

While sales in Famagusta were unchanged compared to January 2016, they rose in all other districts.

Sales in Nicosia rose 47% and sales in Limassol rose 43%, while sales in Paphos and Larnaca rose by 20% and 13% respectively.

Domestic Property Sale Transactions – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201643
70
10
6968929458757073116
201763            
Famagusta2016203121
33
24 71932 22 379 72
2017 20           
Larnaca2016689685
91
93 759167 90 8174 114
2017 77           
Limassol201668158145
122
126 162156101 142 202196 307
2017 97           
Paphos2016617259
65
105 1267488 98 83111 171
2017 73           
Totals2016260427382
380
416
462
434346  427 473463  780
2017 330           

Overseas property sales

Property sales to the overseas (non-Cypriot) market during January 2017, which are unaffected by ‘non-sale’ agreements rose 39% compared to the same month last year with 93 properties sold compared to 67.

However, just a single property was sold in Famagusta and sales were down 18% in Nicosia. But these falls were outweighed by 150% increase in Larnaca, a 46% increase in Limassol and a 15% increase in Paphos.

Overseas Property Sale Transactions – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201611
9
10
10 14686 6101328
20179
           
Famagusta20162 412
2
0
27
89 10 10 10 15
2017 1           
Larnaca201610 1236
36
10
45
3214 31 30 40 39
2017 25           
Limassol201624 2152
44
19
60
6428 53 68 53 125
2017 35           
Paphos201620 2847
42
15
577948 29 43 72 147
2017 23           
Totals201667 74157
134
58
195
191105  129 161 188 354
2017 93           

Cyprus Property Sale Transactions 2000 – 2017

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
1,8135,25025.7%7,063
2017 (Jan)9333022.0%423
Totals
58,711141,51729.3%200,228

 

Readers' comments

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  • Phil says:

    More manipulated stats? in order to make the market look good

  • Costas Afortune says:

    Hopefully no Brits are still thinking of buying on this island ! When you are told ( and read on official sites) that the legal system is much like it is in GB, and then to find out ” it is nothing like our legal system”, and then realised things like you can’t easily get your title deeds, in some areas Brits are charged more for local services than the Cypriots are, so called independent Greek lawyers aren’t so independent after all, and local banks have been hit with fines after being very unfair with their contracts. Even the new mayor of Paphos mentioned the level of corruption that had previously gone on was terrible. The BBC has a short clip on utube regarding Cyprus property scams of which I urge any would be investors to watch. And don’t think you will get a lot of help from your local MPs or MEPs, as they insist they can’t do too much for you ( their are currently hundreds if not thousands trying to get help from the British government). Prices are well over priced now and with flights stopped or very limited over the winter period you may be better looking at Spain . Many of us wish they had never set foot on this island and hope we never need to ever again. We all have friends and families that are totally disgusted with the way in which cyprus seemingly can treat people ( and all have said they will never set foot on this island ever again) and get away with it.

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