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Property sales improve in March

Following February’s fall in property sales, the numbers sold in Cyprus during March compared to March 2016 improved in three of the five districts according to official statistics from the Department of Lands and Surveys.

Cyprus property sales improve in MarchTHE NUMBER of property sales in Cyprus during March rose 16 per cent compared to March 2016 according to official statistics published by the Department of Lands and Surveys.

During March a total of 626 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 539 deposited in March 2016.

Of those 626 contracts, 440 (70%) were deposited by Cypriot purchasers and 186 (30%) were deposited by overseas purchasers.

Although the number of sales contracts in Larnaca and Nicosia fell by 7% and 4% respectively, they rose in the remaining three districts.

Paphos lead the way with sales up 53% compared to March 2016, while sales in Famagusta and Limassol were up 21% and 18% respectively.

Total Property Sale Contracts – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201654
79
82
79829810264818086144
2017727379
Famagusta201622
3533
35
2434
2741 32 471987
201721 1940
Larnaca201678
108121
127
103120
12381 121 111114153
2017102 100113
Limassol201692
179197
166
145222
220129 195 270249432
2017132 177232
Paphos201681
100106
107
120183
153136127 126183318
201796 87162
Totals2016327
501539
514
474657
625451 556 634651 1134
2017423  456626

During the first quarter of 2017, sales contracts have risen 10% compared with the first quarter of 2016.

(An unknown number of property sales contracts relate to ‘non-sale’ agreements such as loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers. These contracts inflate the total figures above and the domestic sales figures below.)

Domestic property sales

Property sales to the domestic (Cypriot) in March rose 15% compared to March 2016 with sales rising in all districts with the exception of Larnaca, where sales remained steady.

Paphos lead the way with sales up 39% compared to March 2016, followed by Limassol (+21%), Famagusta (+14% and Nicosia (+1%).

Domestic Property Sale Contracts – 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          

During the first quarter of 2017, domestic have risen 4% compared with the first quarter of 2016 to reach a total of 1,440.

Overseas property sales

Property sales to the overseas (non-Cypriot) market during March 2017 rose 18% compared to the same month last year with 186 contracts of sale deposited compared with 157 in March 2016.

Although sales in Nicosia and Larnaca fell by 40% and 22% respectively, these falls were more than outweighed by a 78% increase in Paphos, a 33% increase in Famagusta and an 8% increase in Limassol.

Overseas Property Sale Contracts – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201611
9
10
10 14686 6101328
20179
4
6
Famagusta20162 412
2
0
27
89 10 10 10 15
2017 1 2 16
Larnaca201610 1236
36
10
45
3214 31 30 40 39
2017 25 20 28
Limassol201624 2152
44
19
60
6428 53 68 53 125
2017 35 47 56
Paphos201620 2847
42
15
577948 29 43 72 147
2017 23 40 80
Totals201667 74157
134
58
195
191105 129 161 188 354
2017 93 113 186

During the first quarter of 2017, property sales to the overseas market have risen 32% compared with the first quarter of 2016 to reach a total of 392.

Cyprus Property Sale Contracts 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 (March)3921,11326.0%1,505
Totals
59,010142,30029.3%201,310

 

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