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Rise in property sales led by overseas buyers

Rise in Cyprus property sales by overseas buyersOCTOBER saw the number of property sales in Cyprus to overseas buyers rise by 65% according to official statistics from the Department of Lands & Surveys.

Of the 768 contracts for the sale of immovable property in Cyprus deposited at Land Registry offices, 502 (65.4%) were deposited by Cypriot purchasers and 266 (34.6%) were deposited by overseas property purchasers.

Overseas property sales

Sales increased by 65% compared to October 2016 with sales rising in all districts.

In percentage terms, Famagusta led the way with sales increasing by 130%, followed by Paphos, where they rose by 81%. Meanwhile sales in Nicosia, Limassol and Larnaca rose by 70%, 60% and 30% respectively.

Overseas Property Sale Contracts – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201611
9
10
10 14686 6101328
20179
4
6
181512 1561517
Famagusta20162 412
2
0
27
89 10 10 10 15
2017 1 2 166111529221423
Larnaca201610 1236
36
10
45
3214 31 30 40 39
2017 25 20 2820432641253439
Limassol201624 2152
44
19
60
6428 53 68 53 125
2017 35 47 56409677754150109
Paphos201620 2847
42
15
577948 29 43 72 147
2017 23 40 8043957891794878
Totals201667 74157
134
58
195
191105 129 161 188 354
2017 93 113 186127260 208251 173 161266

During the first ten months of 2017, property sales to the overseas market have risen 45% compared with the same period last year to reach a total of 1,840.

So far this year Paphos is the most popular achieving 655 sales closely followed by Limassol with 626. Larnaca has achieved 301 sales, Famagusta 139 and Nicosia 119.

Domestic property sales

Sales of Cyprus property to the domestic market in August rose by 6% compared to October 2016. Although sales in Famagusta, Larnaca and Limassol fell by 24%, 11% and 2% respectively, these falls were outweighed by increased sales in Nicosia (43%) and Paphos (27%).

Domestic Property Sale Contracts – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201643
70
10
6968929458757073116
201763 69
71
62
103
150
109
70
72
100
Famagusta2016203121
33
24 71932 22 379 72
2017 20 17 24 2327
3130
25
4328
Larnaca2016689685
91
93 759167 90 8174 114
2017 77 80 85 4976
7062
63
7372
Limassol201668158145
122
126 162156101 142 202196 307
2017 97 130 176 152202
227194
160
153197
Paphos2016617259
65
105 1267488 98 83111 171
2017 73 47 82 9388
15793
81
100105
Totals2016260427382
380
416
462
434346 427 473463 780
2017 330 343438
379496
636488
399
441502

During the first ten months of 2017, property sales to the domestic market have risen 11% compared with the same period last year to reach a total of 4,451.

So far this year Limassol is the most popular achieving 1,688 sales followed by Paphos with 919. Nicosia has achieved 869 sales, Larnaca 707 and Famagusta 268.

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 (Oct)1,8404,45129.2%6,291
Totals
60,458145,63829.3%206,096