- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

September property sales up 8 per cent

Cyprus property sales up 8 per cent in SeptemberTHE NUMBER of property sales in Cyprus during September rose 18 per cent compared to September 2016 according to official statistics published by the Department of Lands and Surveys earlier today.

This rise follows a 27% increase in August, an 18% increase in July, and a 28% increase in June.

During September a total of 602 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 556 deposited in September 2016.

Of those 602 contracts, 441 (70%) were deposited by Cypriot purchasers and 161 (30%) were deposited by overseas purchasers.

Although sales in Larnaca fell by 12% compared with September 2016, they rose in the remaining four districts.

Sales in Famagusta rose 78%, while sales in Paphos rose by 17%. Meanwhile sales in Nicosia and Limassol rose by 7% and 4% respectively.

Total Property Sale Contracts – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201654
79
82
79829810264818086144
2017727379801181621247687
Famagusta201622
3533
35
2434
2741 32 471987
2017211940293846594757
Larnaca201678
108121
127
103120
12381 121 111114153
2017102100113691199610388107
Limassol201692
179197
166
145222
220129 195 270249432
2017132177232192298304289201203
Paphos201681
100106
107
120183
153136127 126183318
20179687162136183235184160148
Totals2016327
501539
514
474657
625451 556 634651 1,134
2017423 456626 506 756 843739 572 602

During the first nine months of 2017, sales contracts have risen 19% 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 September rose 3% compared to September 2016.

Although sales in Larnaca and Nicosia fell by 19% and 4% respectively, they rose by 95% in Larnaca, 8% in Limassol and by 2% in Paphos.

Domestic Property Sale Contracts – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201643
70
10
6968929458757073116
201763 69
71
62
103
150
109
70
72
Famagusta2016203121
33
24 71932 22 379 72
2017 20 17 24 2327
3130
25
43
Larnaca2016689685
91
93 759167 90 8174 114
2017 77 80 85 4976
7062
63
73
Limassol201668158145
122
126 162156101 142 202196 307
2017 97 130 176 152202
227194
160
153
Paphos2016617259
65
105 1267488 98 83111 171
2017 73 47 82 9388
15793
81
100
Totals2016260427382
380
416
462
434346 427 473463 780
2017 330 343438
379496
636488
399
441

During the first nine months of 2017, domestic sales contracts have risen 12% compared to the same period last year.

Overseas property sales

Property sales to the overseas (non-Cypriot) market during September 2017 rose 25% compared to the same month last year with 161 contracts of sale deposited compared with 129 in September 2016.

With the exception of Limassol, where sales fell 6%, they rose in all the other districts.

Nicosia led the way with the number of property sale contracts deposited rose 15% compared with September 2016. Meanwhile, sales in Paphos rose 66% and by 40% in Famagusta and by 10% in Larnaca.

Overseas Property Sale Contracts – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201611
9
10
10 14686 6101328
20179
4
6
181512 15615
Famagusta20162 412
2
0
27
89 10 10 10 15
2017 1 2 1661115292214
Larnaca201610 1236
36
10
45
3214 31 30 40 39
2017 25 20 28204326412534
Limassol201624 2152
44
19
60
6428 53 68 53 125
2017 35 47 56409677754150
Paphos201620 2847
42
15
577948 29 43 72 147
2017 23 40 80439578917948
Totals201667 74157
134
58
195
191105 129 161 188 354
2017 93 113 186127260 208251 173 161

During the first nine months of 2017, property sales to the overseas market have risen 42% compared with the same period last year reaching a total of 1,574.

(During September a total of 121 properties were transferred to overseas buyers bringing the total number of transfers for the year to date to 739.)

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 (Sept)1,5743,94928.5%5,523
Totals
60,192145,13829.3%205,328