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Slight fall in property sales (Update)

The number of property sales in Cyprus fell slightly in April compared to the numbers sold in April 2016 with increases in Nicosia, Limassol and Paphos wiped out by falls in Larnaca and Paphos.

Cyprus property salesCYPRUS property sales fell 2 per cent in April 2017 compared to April last year according to the official statistics published by the Department of Lands and Surveys.

During April a total of 506 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 514 in April 2016.

Of those 506 contracts, 379 (70%) were deposited by Cypriot purchasers and 127 (30%) were deposited by overseas purchasers.

Although property sales rose in Paphos, Limassol and Nicosia rose by 27%, 16% and 1% respectively, sales fell by 46% in Larnaca and 17% in Famagusta.

Total Property Sale Contracts – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201654
79
82
79829810264818086144
201772737980
Famagusta201622
3533
35
2434
2741 32 471987
201721 194029
Larnaca201678
108121
127
103120
12381 121 111114153
2017102 10011369
Limassol201692
179197
166
145222
220129 195 270249432
2017132 177232192
Paphos201681
100106
107
120183
153136127 126183318
201796 87162136
Totals2016327
501539
514
474657
625451 556 634651 1134
2017423  456626 506

During the first four months of this year sales are up 7% compared with the same period last year. But while sales in Paphos, Limassol and Nicosia have risen by 22%, 16% and 3% respectively, they have fallen by 13% in Famagusta and by 12% in Larnaca.

Domestic property sales

Property sales to the Cypriot market in April remained almost steady with one fewer property sold compared to April 2016.

Sales in Larnaca, Famagusta and Nicosia fell by 46%, 30% and 10% respectively. Meanwhile sales in Paphos rose by 43% and sales in Limassol rose by 25%.

Domestic Property Sale Contracts – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201643
70
10
6968929458757073116
201763 69
71
62
        
Famagusta2016203121
33
24 71932 22 379 72
2017 20 17 24 23        
Larnaca2016689685
91
93 759167 90 8174 114
2017 77 80 85 49        
Limassol201668158145
122
126 162156101 142 202196 307
2017 97 130 176 152        
Paphos2016617259
65
105 1267488 98 83111 171
2017 73 47 82 93        
Totals2016260427382
380
416
462
434346  427 473463  780
2017 330 343438
 379        

During the first four months of this year domestic sales are up 3% compared with the same period last year. But while sales in Paphos, Limassol and Nicosia have risen by 15%, 14% and 4% respectively, they have fallen by 20% in Famagusta and by 14% in Larnaca.

Overseas property sales

Property sales to the overseas (non-Cypriot) market during April 2017 fell 5% compared to the same month last year with 127 contracts of sale deposited compared with 134 in April 2016.

Although sales in Larnaca and Limassol fell by 44% and 9% respectively, these falls were more than outweighed by a 200% increase in Famagusta (from a very low base), an 80% increase in Larnaca and a 2% increase in Paphos.

Overseas Property Sale Contracts – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201611
9
10
10 14686 6101328
20179
4
6
18
Famagusta20162 412
2
0
27
89 10 10 10 15
2017 1 2 16 6
Larnaca201610 1236
36
10
45
3214 31 30 40 39
2017 25 20 28 20
Limassol201624 2152
44
19
60
6428 53 68 53 125
2017 35 47 56 40
Paphos201620 2847
42
15
577948 29 43 72 147
2017 23 40 80 43
Totals201667 74157
134
58
195
191105 129 161 188 354
2017 93 113 186 127

During the first four months of this year sales to the overseas market are up 21% compared with the same period last year. But while sales in Paphos, Limassol and Famagusta have risen by 36%, 26% and 25% respectively, they have fallen by 3% in Nicosia and by 1% in Larnaca.

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 (April)5211,49025.9%2,011
Totals
59,139142,67729.3%201,816

 

Readers' comments

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  • stanno says:

    Property falling 2% is insignificant. I think the stats are wrong and if they not, then good luck to the Chinese and the Golden Visa buttered scheme from Ali baba and the forty Cypriot thieves.

    Buying property or even bringing in foreign money into Cyprus is not only a huge risk but a definite disaster.

    The Government says…bring your money buy a home and live and work with us. What a lot of scandalous rubbish. We also brought our money to Cyprus in 2013 to buy a home and retire!!!!

    Guess what? The government took it to bail themselves out of the European debt so no money no home. All the while the politicians and their siblings were taking millions out to other countries a few days before the crash.

    All foreigners should stay away from Cyprus. You better off funding the Mafia, as they have more dignity.

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