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Cyprus property sales up 29% in May (Update)

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

Cyprus property sales up 29% in MayTHE NUMBER of property sales contracts deposited at Land Registry offices across the Republic of Cyprus during May 2018 rose 23 per cent compared to May 2017 according to official figures published by the Department of Lands and Surveys.

This follows increases of 29% in April, 23% in March and 46% in February.

During May a total of 828 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 758 deposited in May 2017.

Of the 828 contracts deposited, 392 (47.3%) were for properties purchased by non-Cypriots.

The figures show a continuing improvement in the economic conditions, coupled with government measures (such as the citizenship by investment scheme). However, the recent decision by the Council of Ministers to limit the number of citizenship applications to 700 a year may result in a fall in sales to non-EU citizens.

(The figures include an unspecified number of properties acquired by banks as part of loan restructurings.)

While sales in both Larnaca and Limassol fell by 5%, they rose in the remaining districts.

In percentage terms Famagusta led the way with sales rising by 108% followed by Nicosia, where sales rose by 30% and Paphos, where sales rose 10%.

Although the number of sales in Limassol declined 5% in May, it still recorded the highest number of sales during May reaching 282.

Total Property Sale Contracts – 2017/2018 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201772
73
79
801181621247687117170306
2018146 96
126
117
153
Famagusta201721
1940
29
3846
5947575152169
201848 52
40
5279
Larnaca2017102
100113
69
11996
10388107 111151181
2018112 99
116
83113
Limassol2017132
177232
192
298304
289201203306321532
2018225 256
314
246282
Paphos201796
87162
136
183235
184160148183212349
2018164 163
172
157201
Totals2017423
456626
506
756843
739572 602 768906 1537
2018695 666768 655828

Property sales – 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 31% to 3,612 compared to the 2,767 deposited during corresponding period of last year.

In percentage terms Famagusta saw the highest increase in the number of sales – up by 84%, followed by Nicosia (the capital) with a 51% increase. Increases of 29%, 28% and 4% were recorded in Paphos, Limassol and Larnaca respectively.

Overseas property sales

The Land Registry figures reveal that a total of 392 property sale contracts were deposited by non-Cypriots during May 2018. Of those 126 were deposited by EU citizens and the remaining 266 by non-EU citizens, 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 158. Limassol recorded 94, Larnaca 58, Famagusta 45 and Nicosia 18.

Overseas Property Sale Contracts – 2018

DistrictSourceJanFebMarAprMayJunJulAugSepOctNovDec
NicosiaEU10 8 910
9
Non-EU10 413
14 9
Total2012222418
FamagustaEU15 248
12 19
Non-EU36 1014
28 26
Total513422 4045
LarnacaEU9 99
6 9
Non-EU43 4640
36 49
Total5255494258
LimassolEU15 1732
17 19
Non-EU103 8783
67 94
Total118104115 84113
PaphosEU41 5855
49 70
Non-EU105 9774
87 88
Total146155129136158
TotalsEU90 116113
94 126
Non-EU 297 244224
232 266
TOTAL387360337 326392

During the first five months of 2018, a total of 1,802 property sales contracts have been deposited by overseas buyers, with 539 deposited by EU nationals and 1,263 by non-EU nationals.

Paphos maintains its position as the most popular spot for overseas buyers with sale contracts reaching 724, followed by Limassol with 534, Larnaca with 256, Famagusta with 192 and Nicosia with 96.

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 (May)
1,802 1,81049.9% 3,612
Totals
62,828149,32529.6%212,151

Readers' comments

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  • jo robinson says:

    Looking good,when our deeds arrive everything will move.

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

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