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Strong growth in property sales (Update)

The strong growth in Cyprus property sales continued in February with the number of properties sold rising in all districts (with the exception of Larnaca) according to official figures.

Cyprus property salesTHE DEPARTMENT of Lands and Surveys reports that the number of property sales contracts deposited at Land Registry offices across Cyprus in February 2018 rose 46 per cent compared to February 2017.

This rise follows a rise of 64% in January, 36% in December, 39% in November and an 18% rise in October.

During February a total of 666 contracts or the sale of residential and commercial properties and land (building plots and fields) were deposited at Land Registry offices across Cyprus, compared with the 456 deposited in February 2017.

This is the highest number of contracts deposited during February since 2010 when 704 contracts were deposited.

Although sales in Larnaca fell by 1%, they rose in all the other districts.

In percentage terms Famagusta led the way with sales rising by 174% followed by Paphos, where sales rose by 87%. Meanwhile sales in Limassol and Nicosia rose by 45% and 32% respectively.

Total Property Sale Contracts – 2017/2018 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201772
73
79
801181621247687117170306
2018146 96
Famagusta201721
1940
29
3846
5947575152169
201848 52
Larnaca2017102
100113
69
11996
10388107 111151181
2018112 99
Limassol2017132
177232
192
298304
289201203306321532
2018225 256
Paphos201796
87162
136
183235
184160148183212349
2018164 163
Totals2017423
456626
506
756843
739572 602 768906 1537
2018695 666

During the first two months of 2018 the number of contracts for the sale of property deposited at Land Registry offices has risen 55% to 1,361 compared to the same period last year.

The highest rise of 150%, was recorded in Famagusta, followed by Paphos with a 79% increase.

Significant increases were also recorded in Nicosia (67%) and Limassol (56%), while the smallest increase (4%) was recorded in Larnaca.

Revised sales statistics

Of the 666 contracts, 306 (46%) were deposited by domestic (Cypriot) purchasers, while 54% (360) were deposited by overseas (non-Cypriot) purchasers. This is a very sharp increase in the number of overseas sales and is difficult to understand.

However, according to a notice on the Department of Lands & Surveys website, the way the sales statistics are presented for foreign buyers has been modified following improvements to the method of coding. (Unfortunately details of these modifications have not been published.)

The Department also suggests avoiding comparing 2018 foreign buyers’ statistics with earlier years.

Hopefully details will be forthcoming before March figures are published.

One positive change to the figures is that the Department lists foreign sales to EU citizens and non-EU citizens separately as presented in the table below:

Overseas Property Sale Contracts – 2018

DistrictSourceJanFebMarAprMayJunJulAugSepOctNovDec
NicosiaEU10 8
Non-EU10 4
FamagustaEU15 24
Non-EU36 10
LarnacaEU9 9
Non-EU43 46
LimassolEU15 17
Non-EU103 87
PaphosEU41 58
Non-EU105 97
TotalsEU90 116
Non-EU 297 244
TOTAL387360

Cyprus Property Sale Contracts 2000 – 2018

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
2018 (Feb)
747 614 54.9% 1,361
Totals
61,771148,12929.4%209,900

Readers' comments

Comments on this article are no longer being accepted.

  • jo robinson says:

    You don’t need your title deeds to sell.

    Ed: That’s true, but given the many potential problems faced by those who buy a property without its all-important Title Deed most people will restrict their search to properties with a full, unencumbered Title Deed.

  • Aggis Demetriou says:

    Property prices on Cyprus are stilll reasonable compared to other European countries, the rental returns are very good making investments worthwhile. Remember no title walk away!

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.

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