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Cyprus property sales up 21% in October

Property sales in Cyprus rose 18 per cent in October compared with October 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 during October rose 18 per cent compared to October 2016 according to official statistics published by the Department of Lands and Surveys earlier today.

This rise follows a rise of 8% in September, a 27% rise in August and an 18% rise in July.

During October a total of 768 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 634 deposited in October 2016.

Although sales remained steady in Larnaca, they rose in all other districts. Nicosia led the way with sales up by 46% and was closely followed by Paphos, where sales rose by 45%. Meanwhile sales in Limassol and Famagusta rose by 9% respectively.

Total Property Sale Contracts – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201654
79
82
79829810264818086144
2017727379801181621247687117
Famagusta201622
3533
35
2434
2741 32 471987
201721194029384659475751
Larnaca201678
108121
127
103120
12381 121 111114153
2017102100113691199610388107111
Limassol201692
179197
166
145222
220129 195 270249432
2017132177232192298304289201203306
Paphos201681
100106
107
120183
153136127 126183318
20179687162136183235184160148183
Totals2016327
501539
514
474657
625451 556 634651 1,134
2017423 456626 506 756 843739 572 602768

In January to October the number of contracts for the sale of property deposited at Land Registry offices has risen 19% to 6,291 compared to the same period last year. Although sales in Larnaca have fallen by 8%, they have improved significantly in the other districts.

Sales in both Limassol and Paphos have risen by 27%, while sales in both Nicosia and Famagusta have risen by 23%.

Property sales have been encouraged by the reduction in Property Transfer Fees, the abolition of Immovable Property Tax. Non-EU citizens wishing to obtain residency or a Cypriot passport are taking advantage of two government schemes.

(The figures above include ‘non-sale’ agreements such as loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers.)

Readers' comments

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  • LT says:

    Nigel, can you “guesstimate” how many are actual sales and how many restructuring? Is it like half-half?

    Ed: I haven’t any idea how many sales are restructurings, etc. But I’m certain it isn’t as big as a half. None of the sales to overseas buyers are restructurings, so these will be reliable. (Last month’s figures have yet to be published.)

  • Deanna says:

    Would be nice if the government gave us a breakdown in % of new sales as against arrangements related to NPLs. How many of these ‘sales’ are actual, new sales?

    Ed: Unfortunately the statistics provided by the Department of Lands & Surveys do not give a breakdown of how may contracts relate to ‘new’ sales and how many relate to loan restructurings, recoveries and debt-to-asset swaps.

  • Amos Issacs says:

    Thank you for that.
    Amos.

  • Amos Issacs says:

    What exactly ARE the rules and exemptions regarding CGT on sale of a property?
    Also what are the rules about lifetime allowances against CGT for married couples?

    Ed: You’ll find a guide to Capital Gains Tax on pages 32 – 34 of the PWC document ‘Tax Facts & Figures 2017 – Cyprus‘.

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