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April property sales up 29%

Cyprus property sales continued to rise in April with the number of sales contracts deposited at Land Registry Offices across the Republic up 29 per cent compared with April 2017

Cyprus property sales April 2018

THE NUMBER of property sales contracts deposited at Land Registry offices across the Republic of Cyprus during April 2018 rose 23 per cent compared to April 2017 according to official figures published by the Department of Lands and Surveys.

This follows increases of 23% in March, 46% in February, and 64% in January.

During April a total of 655 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 506 deposited in April 2017.

The figures show a continuing improvement in the economic conditions, coupled with government measures (such as the citizenship by investment scheme) – and although banks remained burdened with very high levels of non-performing loans (NPLs) they are now in a better position to grant loans to those buying property.

(It should be noted that the figures include an unspecified number of properties acquired by banks as part of loan restructurings.)

Of the 655 contracts deposited, 326 (49.8%) were for properties purchased by non-Cypriots.

Sales rose in all districts. In percentage terms Famagusta led the way with sales rising by 79% followed by Nicosia, where sales rose by 46%. Meanwhile sales in Larnaca and Paphos rose by 20% and 15% respectively.

Limassol recorded the highest number of sales during April reaching 246.

Total Property Sale Contracts – 2017/2018 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201772
73
79
801181621247687117170306
2018146 96
126
117
Famagusta201721
1940
29
3846
5947575152169
201848 52
40
52
Larnaca2017102
100113
69
11996
10388107 111151181
2018112 99
116
83
Limassol2017132
177232
192
298304
289201203306321532
2018225 256
314
246
Paphos201796
87162
136
183235
184160148183212349
2018164 163
172
157
Totals2017423
456626
506
756843
739572 602 768906 1537
2018695 666768 655

Year to date

During the first five months of 2018 the number of contracts for the sale of property deposited at Land Registry offices has risen 38% to 2,784 compared to the 2,011 deposited during the first five months of 2017.

The highest rise of 76%, was recorded in Famagusta, followed by Nicosia (the capital) with a 60% increase. Rises of 42%, 36% and 7% were recorded in Limassol, Paphos and Larnaca respectively.

Overseas property sales

The Land Registry figures reveal that a total of 326 property sale contracts were deposited by non-Cypriots during April 2018. Of those 64 were deposited by EU nationals and the remaining 232 by non-EU nationals, but we cannot quantify the number of non-EU citizens who bought property with a view to applying for citizenship.

Paphos remained the most popular district with the overseas market with the number of property sales contracts deposited reaching 136. Limassol recorded 84, Larnaca 42, Famagusta 40 and Nicosia 24.

Overseas Property Sale Contracts – 2018

DistrictSourceJanFebMarAprMayJunJulAugSepOctNovDec
NicosiaEU10 8 910
Non-EU10 413
14
Total20122224
FamagustaEU15 248
12
Non-EU36 1014
28
Total513422 40
LarnacaEU9 99
6
Non-EU43 4640
36
Total52554942
LimassolEU15 1732
17
Non-EU103 8783
67
Total118104115 84
PaphosEU41 5855
49
Non-EU105 9774
87
Total146155129136
TotalsEU90 116113
94
Non-EU 297 244224
232
TOTAL387360337 326

During the first five months of 2018, a total of 1,410 property sales contracts have been deposited by overseas buyers, with 413 deposited by EU nationals and 997 by non-EU nationals.

Paphos maintains its position as the most popular spot for overseas buyers with sale contracts reaching 430, followed by Limassol with 421, Larnaca with 198, Famagusta with 147 and Nicosia with 78.

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 (Apr)
1,410 1,374 50.6% 2,784
Totals
62,434148,88929.5%211,323

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