AUGUST saw the number of overseas property sales in Cyprus rise by 65 per cent compared to August 2016 according to official figures published by the Department of Lands and Surveys.
Of the 572 contracts for the sale of immovable property that were deposited at Land Registry offices across Cyprus in August, 399 (69.8%) were deposited by Cypriot purchasers and 173 (30.2%) were deposited by overseas property purchasers.
Overseas property sales
With the exception of Nicosia, where sales were almost the same as August 2016, sales rose in all districts. In percentage terms, Famagusta lead the way with sales increasing by 144%, while in Larnaca, Paphos and Limassol rose by 79%, 65% and 46% respectively.
Overseas Property Sale Contracts – 2016/2017 Comparison
District | Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nicosia | 2016 | 11 |
9 |
10 |
10 | 14 | 6 | 8 | 6 | 6 | 10 | 13 | 28 |
2017 | 9 |
4 |
6 |
18 | 15 | 12 | 15 | 6 | |||||
Famagusta | 2016 | 2 | 4 | 12 |
2 |
0 |
27 |
8 | 9 | 10 | 10 | 10 | 15 |
2017 | 1 | 2 | 16 | 6 | 11 | 15 | 29 | 22 | |||||
Larnaca | 2016 | 10 | 12 | 36 |
36 |
10 |
45 |
32 | 14 | 31 | 30 | 40 | 39 |
2017 | 25 | 20 | 28 | 20 | 43 | 26 | 41 | 25 | |||||
Limassol | 2016 | 24 | 21 | 52 |
44 |
19 |
60 |
64 | 28 | 53 | 68 | 53 | 125 |
2017 | 35 | 47 | 56 | 40 | 96 | 77 | 75 | 41 | |||||
Paphos | 2016 | 20 | 28 | 47 |
42 |
15 |
57 | 79 | 48 | 29 | 43 | 72 | 147 |
2017 | 23 | 40 | 80 | 43 | 95 | 78 | 91 | 79 | |||||
Totals | 2016 | 67 | 74 | 157 |
134 |
58 |
195 |
191 | 105 | 129 | 161 | 188 | 354 |
2017 | 93 | 113 | 186 | 127 | 260 | 208 | 251 | 173 |
During the first eight months of 2017, property sales to the overseas market have risen 44% compared with the same period last year to reach a total of 1,413.
(During August Title Deeds for 75 properties were transferred to overseas buyers bringing the total number of transfers for the year to date to 618.)
Domestic property sales
Sales of Cyprus property to the domestic market in August rose by 15% compared to August 2016.
Although sales in Famagusta, Paphos and Larnaca fell by 22%, 8% and 6% respectively, these falls were outweighed by increased sales in Limassol (58%) and Nicosia (21%).
Domestic Property Sale Contracts – 2016/2017 Comparison
District | Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nicosia | 2016 | 43 |
70 |
10 |
69 | 68 | 92 | 94 | 58 | 75 | 70 | 73 | 116 |
2017 | 63 | 69 |
71 |
62 |
103 |
150 |
109 |
70 |
|||||
Famagusta | 2016 | 20 | 31 | 21 |
33 |
24 | 7 | 19 | 32 | 22 | 37 | 9 | 72 |
2017 | 20 | 17 | 24 | 23 | 27 |
31 | 30 |
25 |
|||||
Larnaca | 2016 | 68 | 96 | 85 |
91 |
93 | 75 | 91 | 67 | 90 | 81 | 74 | 114 |
2017 | 77 | 80 | 85 | 49 | 76 |
70 | 62 |
63 |
|||||
Limassol | 2016 | 68 | 158 | 145 |
122 |
126 | 162 | 156 | 101 | 142 | 202 | 196 | 307 |
2017 | 97 | 130 | 176 | 152 | 202 |
227 | 194 |
160 |
|||||
Paphos | 2016 | 61 | 72 | 59 |
65 |
105 | 126 | 74 | 88 | 98 | 83 | 111 | 171 |
2017 | 73 | 47 | 82 | 93 | 88 |
157 | 93 |
81 |
|||||
Totals | 2016 | 260 | 427 | 382 |
380 |
416 |
462 |
434 | 346 | 427 | 473 | 463 | 780 |
2017 | 330 | 343 | 438 |
379 | 496 |
636 | 488 |
399 |
During the first eight months of 2017 property sales to the domestic market have risen 13% compared with the same period last year to reach a total of 3,508. However an unknown number of these relate to properties acquired by the banks as part of loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers.
Cyprus Property Sale Contracts 2000 – 2017
Year | Overseas Sales | Domestic Sales | Percentage Overseas Sales |
Total Sales |
---|---|---|---|---|
2000 | 450 | 12,214 | 3.6% | 12,664 |
2001 | 1,207 | 12,849 | 8.6% | 14,056 |
2002 | 2,548 | 14,111 | 15.3% | 16,659 |
2003 | 3,981 | 15,294 | 20.7% | 19,275 |
2004 | 5,384 | 11,947 | 31.1% | 17,331 |
2005 | 6,485 | 10,106 | 39.1% | 16,591 |
2006 | 8,355 | 8,598 | 49.3% | 16,953 |
2007 | 11,281 | 9,964 | 53.1% | 21,245 |
2008 | 6,636 | 8,031 | 45.2% | 14,667 |
2009 | 1,761 | 6,409 | 21.6% | 8,170 |
2010 | 2,030 | 6,568 | 23.6% | 8,598 |
2011 | 1,652 | 5,366 | 23.5% | 7,018 |
2012 | 1,476 | 4,793 | 23.5% | 6,269 |
2013 | 1,017 | 2,750 | 27.0% | 3,767 |
2014 | 1,193 | 3,334 | 26.4% | 4,527 |
2015 | 1,349 | 3,603 | 27.2% | 4,952 |
2016 |
1,813 | 5,250 | 25.7% | 7,063 |
2017 (Aug) | 1,413 | 3,508 | 28.7% | 4,921 |
Totals |
60,031 | 144,695 | 29.3% | 204,726 |
I wholeheartedly agree and endorse the comments of “Costas a fortune” September 10, 2017.
I believe a similar comment was made just after the EU ‘Bail-Out” when it was said “Anybody contemplating buying property in Cyprus must either be Mad or have more money than Sense.”
Now, a well known Cypriot developer is asking that his clients who have not yet received their Title Deeds (I am still waiting after 10+years) should pay him upfront all outstanding IPT, Sewerage Charges etc which will then enable him to meet his unpaid Penalties tax bill incurred because he encroached and built on Public Land when initially constructing a development.
It is notable that both he and his son are still driving around in their 30,000+ euro motor vehicles, that the son is still living in his, worth probably 1,000,000+ euro ‘Casa’ and their associated ‘businesses’ are still operating and in existence.
I think this is known as ‘Taking the Biscuit’ in the UK.
Ed: If you haven’t done so already you should apply for your Title Deeds – see Applying for Title Deeds. This should avoid you having to pay your ‘well-known developer’ as when the deeds are issued you will be asked to pay IPT, Sewerage, etc. directly to the relevant public authority. These payments will be calculated at the rate applicable to yourself and not at the higher rate applicable to a developer.
Anybody buying on this island must be out of their minds. No title deeds, corruption is rife, dodgy legal system, banks getting fined for mispractice, the list is endless. There’s thousands of wronged investors would sell on St George Hills paphos if anybody wanted a overpriced property. Save yourself a lifetime of misery and put your hard earned money to better use elsewhere.