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2017 a better year for property sales (Update)

For the fourth consecutive year Cyprus property sales rose during 2017 according to the latest official statistics published earlier today by the Department of Lands and Surveys in Nicosia.

Cyprus Property SalesDESPITE continuing problems with Title Deeds, property sales in Cyprus rose 24 per cent during 2017 according to official statistics published by the Department of Lands and Surveys. This follows an annual rise of 43 per cent in 2016, 9 per cent in 2015 and 20 per cent in 2014.

December property sales

During December 2017 total of 1,537 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 1,134 deposited in December. 2016; an increase of 36% and the highest number since July 2008.

Of the 1,537 contracts, 1,190 (65%) were deposited by domestic (Cypriot) purchasers, while 35% (347) were deposited by overseas (non-Cypriot) purchasers.

Sales rose in all districts. In percentage terms Nicosia (the capital) led the way with a rise in sales of 113% followed by Famagusta with an increase of 94%. Meanwhile sales in Limassol, Larnaca and Paphos rose by 23%, 18% and 10% respectively.

Annual sales

During 2017 a total of 8,734 contracts of sale were deposited compared with the 7,063 deposited in 2016; an increase of 24% and the highest number since the property bubble burst in 2008.

Although sales in Larnaca fell by 1% over the year, they rose in all the other districts. Annual sales in Famagusta rose by 44% followed by Nicosia with a rise of 42%. Meanwhile property sales in Limassol and Paphos rose by 27% and 23% respectively.

Total Property Sale Contracts – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201654
79
82
79829810264818086144
2017727379801181621247687117170306
Famagusta201622
3533
35
2434
2741 32 471987
20172119402938465947575152169
Larnaca201678
108121
127
103120
12381 121 111114153
2017102100113691199610388107111151181
Limassol201692
179197
166
145222
220129 195 270249432
2017132177232192298304289201203306321532
Paphos201681
100106
107
120183
153136127 126183318
20179687162136183235184160148183212349
Totals2016327
501539
514
474657
625451 556 634651 1134
2017423 456626 506 756 843739 572 602768906 1537

The figures above include properties acquired by the banks that relate to debt-to-asset swaps and loan restructuring. The Department of Lands & Surveys reports that, between September 2015 and April 2017, the total number of properties affected was 1,121; 26 in 2015, 1,021 in 2016 and 74 in 2017.

Domestic sales

Property sales to the domestic (Cypriot) market in December rose 53% compared to December 2016, with sale agreements reaching 1,190 compared with 780 in December 2016.

Domestic sales rose in all districts. In percentage terms Nicosia led the way with sales up 133%, followed by Famagusta, where sales rose by 107%. Meanwhile, sales in Limassol, Paphos and Larnaca rose by 39%, 22% and 18% respectively.

Domestic Property Sale Contracts – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201643
70
10
6968929458757073116
201763 69
71
62
103
150
109
70
72
100
154
270
Famagusta2016203121
33
24 71932 22 379 72
2017 20 17 24 2327
3130
25
4328
35149
Larnaca2016689685
91
93 759167 90 8174 114
2017 77 80 85 4976
7062
63
7372
115
134
Limassol201668158145
122
126 162156101 142 202196 307
2017 97 130 176 152202
227194
160
153197
241
428
Paphos2016617259
65
105 1267488 98 83111 171
2017 73 47 82 9388
15793
81
100105
142
209
Totals2016260427382
380
416
462
434346 427 473463 780
2017 330 343438
379496
636488
399
441502
687
1190

Annual performance

During 2017 domestic sales rose 21% compared with 2016. Although sales fell by 7% in Larnaca, they rose in all the other districts. In percentage terms sales in Nicosia rose by 44% followed by Famagusta where they rose by 38%. Meanwhile sales in Limassol and Paphos rose by 25% and 14% respectively.

Overseas sales

Property sales to the overseas (non-Cypriot) market in December fell by 2% compared with December 2016 with 347 properties sold compared with 354 in December 2016.

Although sales rose by 33% in Famagusta, 29% in Nicosia and 21% in Larnaca, these increases were outweighed by falls of 17% in Limassol and 5% in Paphos.

Overseas Property Sale Contracts – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201611
9
10
10 14686 6101328
20179
4
6
181512 156151716 36
Famagusta20162 412
2
0
27
89 10 10 10 15
2017 1 2 16611152922142317 20
Larnaca201610 1236
36
10
45
3214 31 30 40 39
2017 25 20 282043264125343936 47
Limassol201624 2152
44
19
60
6428 53 68 53 125
2017 35 47 5640967775415010980 104
Paphos201620 2847
42
15
577948 29 43 72 147
2017 23 40 804395789179487870 140
Totals201667 74157
134
58
195
191105 129 161 188 354
2017 93 113 186127260 208251 173 161266 219 347

Annual performance

During 2017 overseas sales rose 33% compared with 2016, with sales reaching 2,406 compared with 1,813.

Over the year sales rose in all districts; by 61% in Famagusta, 38% in Paphos, 33% in Limassol, 31% in Nicosia and 15% in Larnaca.

Sales since 2000

Sales in 2007, immediately before the property bubble burst, reached 21,245. In 2013 sales reached their lowest on record at 3,767. Since then sales have risen for four consecutive years.

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
2,4066,32827.5%8,734
Totals
60,458145,63829.3%206,096

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