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Overseas Cyprus property sales rocket

The surge in Cyprus property sales in May that we reported last Thursday was helped significantly by a more than three-fold increase in sales to the overseas market according to official figures.

Overseas Cyprus property sales rocketMAY saw the number of Cyprus property sales to the overseas market more than treble compared to May 2016 according to official figures published earlier today by the Department of Lands and Surveys.

Of the 756 contracts for the sale of immovable property that were deposited at Land Registry offices across Cyprus in May, 496 (65.6%) were deposited by Cypriot purchasers and 260 (34.4%) were deposited by overseas purchasers.

Overseas Cyprus property sales rocket

Property sales to the overseas (non-Cypriot) market during May 2017 rocketed by a massive 348% compared to May 2016.

Sales rose in all districts. In Famagusta, where not a single property was sold in May 2016, 11 properties were sold in May 2017.

Sales in Paphos rose 533%, while sales in Limassol rose 405%. Meanwhile overseas sales in Larnaca and Nicosia rose 330% and 7% respectively.

Overseas Property Sale Contracts – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201611
9
10
10 14686 6101328
20179
4
6
1815
Famagusta20162 412
2
0
27
89 10 10 10 15
2017 1 2 16611
Larnaca201610 1236
36
10
45
3214 31 30 40 39
2017 25 20 282043
Limassol201624 2152
44
19
60
6428 53 68 53 125
2017 35 47 564096
Paphos201620 2847
42
15
577948 29 43 72 147
2017 23 40 804395
Totals201667 74157
134
58
195
191105 129 161 188 354
2017 93 113 186127260

During the first five months of 2017 the number of Cyprus property sales to the overseas market has risen 59% compared to the first five months of 2016.

Domestic property sales

Sales of Cyprus property to the domestic market in May rose by 19% compared to May 2016.

Although sales in Larnaca and Paphos fell by 18% and 16% respectively, they rose by 60% in Limassol, 51% in Nicosia and 13% in Nicosia.

Domestic Property Sale Contracts – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201643
70
10
6968929458757073116
201763 69
71
62
103
Famagusta2016203121
33
24 71932 22 379 72
2017 20 17 24 2327
Larnaca2016689685
91
93 759167 90 8174 114
2017 77 80 85 4976
Limassol201668158145
122
126 162156101 142 202196 307
2017 97 130 176 152202
Paphos2016617259
65
105 1267488 98 83111 171
2017 73 47 82 9388
Totals2016260427382
380
416
462
434346 427 473463 780
2017 330 343438
379496

Property sales since 2000

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 (May)7811,98628.2%2,767
Totals
59,399143,17329.3%202,572

Debt-to-asset swaps

We know that debt-to-asset swaps will be included in the numbers of domestic sales and although no official figures are available, the Greek language Phileleftheros newspaper published an article this morning, which reports:

  • Of the 535 properties that were put to auction, a mere 20 have been sold.
  • The Bank of Cyprus Real Estate Management Unit (REMU) took over property valued at €128 million during the first quarter of 2017 and at the 31st March 2017 had €1.4 billion worth of properties on its books.
  • The banks are now looking at different solutions to meet increasing requirements of the supervisory authorities to consolidate their balance sheets.

Readers' comments

Comments on this article are no longer being accepted.

  • Richard says:

    May make the banks slightly more amenable to negotiating?

    Ed: You’ll need to speak with the relevant bank.

  • andrewm says:

    Rocket figures last month do not maketh an entire year. If my maths are any good then it looks like we will be at slightly higher than 2012 total sales by the end of the year and still be down on last years totals…just.

    But as it’s been mentioned previously there are other explanations other than a months new sales in the monthly figures!

    Bottom line, fresh new sales or not at least its going in the right direction and in a market where confidence is one key to get housing and the economy motivated this is heading in the right direction.

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

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