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Cyprus property sales falter in February

Having got off to a promising start to the New Year in January, property sales in Cyprus faltered in February with numbers falling in all five districts compared to the numbers sold in February 2016.

Cyprus property sales falterCYPRUS property sales fell 9 per cent in February 2017 compared to February last year according to the official statistics published by the Department of Lands and Surveys; the first recorded monthly fall since August 2015.

During February a total of 456 contracts for the sale of residential and commercial properties and land (building plots and fields) were deposited at Land Registry offices across Cyprus, compared with the 501 deposited in February 2016.

Of those 456 contracts, 343 (78%) were deposited by Cypriot purchasers and 113 (22%) were deposited by overseas purchasers.

Sales fell in all districts. In percentage terms property sales in Famagusta fell by 46% and those in Paphos fell by 13%. Meanwhile sales in Nicosia, Larnaca and Limassol fell 8%, 7% and 1% respectively.

Total Property Sale Transactions – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201654
79
82
79829810264818086144
20177273
Famagusta201622
3533
35
2434
2741 32 471987
201721 19
Larnaca201678
108121
127
103120
12381 121 111114153
2017102 100
Limassol201692
179197
166
145222
220129 195 270249432
2017132 177
Paphos201681
100106
107
120183
153136127 126183318
201796 87
Totals2016327
501539
514
474657
625451 556 634651 1134
2017423  456

Domestic property sales

Property sales to the domestic (Cypriot) in February fell 20% compared to February 2016 with sales falling in all districts.

Sales in Famagusta fell 45% and sales in Paphos fell 35%. Meanwhile sales in Limassol, Larnaca and Nicosia fell 18%, 17% and 1% respectively

Domestic Property Sale Transactions – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201643
70
10
6968929458757073116
201763 69
          
Famagusta2016203121
33
24 71932 22 379 72
2017 20 17          
Larnaca2016689685
91
93 759167 90 8174 114
2017 77 80          
Limassol201668158145
122
126 162156101 142 202196 307
2017 97 130          
Paphos2016617259
65
105 1267488 98 83111 171
2017 73 47          
Totals2016260427382
380
416
462
434346  427 473463  780
2017 330 343          

Overseas property sales

Property sales to the overseas (non-Cypriot) market during February 2017 rose 53% compared to the same month last year with 113 contracts of sale deposited compared with 74 in February 2016.

Although sales in Nicosia and Famagusta fell by 56% and 50% respectively, these falls were more than outweighed by a 124% increase in Limassol, a 67% increase in Larnaca and a 43% increase in Paphos.

Overseas Property Sale Transactions – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201611
9
10
10 14686 6101328
20179
4
          
Famagusta20162 412
2
0
27
89 10 10 10 15
2017 1 2          
Larnaca201610 1236
36
10
45
3214 31 30 40 39
2017 25 20          
Limassol201624 2152
44
19
60
6428 53 68 53 125
2017 35 47          
Paphos201620 2847
42
15
577948 29 43 72 147
2017 23 40          
Totals201667 74157
134
58
195
191105  129 161 188 354
2017 93 113          

During the first two months of 2017, 206 contracts of sale have been deposited by foreign buyers and 107 properties have been transferred to overseas buyers.

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 (Feb)20667323.4%879
Totals
58,824141,86029.3%200,684

Readers' comments

Comments on this article are no longer being accepted.

  • George says:

    Delusional people, burying heads in the sand hoping this will change without doing anything to address the problems that have existed for years. They whole thing will collapse once the European market inevitably collapses! They will have no one to bail them out by concealing the real level of debts the banks have and have to face up to the reality of the shit they are in.

  • Tearing my hair out. says:

    The volatile nature of the numbers suggests no real sustained recovery. The numbers of sales are so small – these could be a ‘flurry’ from a Chinese property exhibition?

    Until the root causes (bank/broker/lawyer/developer) corruption & also incompetence over title deeds – is rectified, the real estate market (unless you were supremely well advised and/or capable and/or very lucky) will remain an unrecoverable shambles. I’ve made this point so many times – I think my fingers now tap over the keyboard on auto-pilot.

  • who gives says:

    One day the Cyprus property market recovering the next day sales are falling who really knows the actual facts.

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.

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