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Cyprus property sales up 18% in July

Property sales in Cyprus rose 18 per cent in July compared with July 2016 with sales increasing in all districts (with the exception of Larnaca) according to official figures from the Department of Lands and Surveys.

Cyprus property salesTHE NUMBER of property sales in Cyprus during July rose 18 per cent compared to July 2016 according to official statistics published by the Department of Lands and Surveys earlier today.

This rise follows a 28% increase in June, a 59% increase in May and a fall of 2% in April.

During July a total of 739 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 625 deposited in July 2016.

Of those 739 contracts, 488 (66%) were deposited by Cypriot purchasers and 251 (34%) were deposited by overseas purchasers. (This is a sharp rise in the number of overseas purchasers that usually average in the region of 27%).

Although the number of sales contracts in Larnaca fell by 16% compared with July 2016, they rose in the remaining four districts.

Sales in Famagusta rose 119%, while sales in both Nicosia and Limassol rose 22%, while sales in Paphos rose 20%.

Total Property Sale Contracts – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201654
79
82
79829810264818086144
201772737980118162124
Famagusta201622
3533
35
2434
2741 32 471987
201721194029384659
Larnaca201678
108121
127
103120
12381 121 111114153
20171021001136911996103
Limassol201692
179197
166
145222
220129 195 270249432
2017132177232192298304289
Paphos201681
100106
107
120183
153136127 126183318
20179687162136183235184
Totals2016327
501539
514
474657
625451 556 634651 1,134
2017423 456626 506 756 843739

During the first seven months of 2017, sales contracts have risen 20% compared to the same period last year.

(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 July rose 12% compared to July 2016 with sales rising in all districts with the exception of Larnaca, where sales fell 32%.

Famagusta lead the way with sales up 58% compared to July 2016, followed by Paphos (+26%), Paphos (+26%) and Limassol (+24%). Famagusta is popular with those living in Nicosia looking for a second home.

Domestic Property Sale Contracts – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201643
70
10
6968929458757073116
201763 69
71
62
103
150
109
Famagusta2016203121
33
24 71932 22 379 72
2017 20 17 24 2327
3130
Larnaca2016689685
91
93 759167 90 8174 114
2017 77 80 85 4976
7062
Limassol201668158145
122
126 162156101 142 202196 307
2017 97 130 176 152202
227194
Paphos2016617259
65
105 1267488 98 83111 171
2017 73 47 82 9388
15793
Totals2016260427382
380
416
462
434346 427 473463 780
2017 330 343438
379496
636488

During the first seven months of 2017, domestic have risen 13% compared to the same period last year reaching a total of 3,109.

Overseas property sales

Property sales to the overseas (non-Cypriot) market during July 2017 rose 31% compared to the same month last year with 251 contracts of sale deposited compared with 191 in July 2016.

Sales rose in all districts with Famagusta leading the way where they increased by 263%. Sales in Nicosia rose 88%, while those in Larnaca, Limassol and Paphos rose by 28%, 17% and 15% respectively.

Overseas Property Sale Contracts – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201611
9
10
10 14686 6101328
20179
4
6
181512 15
Famagusta20162 412
2
0
27
89 10 10 10 15
2017 1 2 166111529
Larnaca201610 1236
36
10
45
3214 31 30 40 39
2017 25 20 2820432641
Limassol201624 2152
44
19
60
6428 53 68 53 125
2017 35 47 5640967775
Paphos201620 2847
42
15
577948 29 43 72 147
2017 23 40 8043957891
Totals201667 74157
134
58
195
191105 129 161 188 354
2017 93 113 186127260 208251

During the first seven months of 2017, property sales to the overseas market have risen 42% compared with the same period last year reaching a total of 1,240.

(During July a total of 87 properties were transferred to overseas buyers bringing the total number of transfers for the year to date to 543.)

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 (Jul)1,2403,10928.5%4,349
Totals
59,858144,29629.3%204,154

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