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29th March 2024
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HomeNewsSmall rise in Cyprus property sales (Update)

Small rise in Cyprus property sales (Update)

Cyprus property salesTHE NUMBER of property sales contracts deposited at Land Registry offices across the Republic of Cyprus during June 2018 rose just 2 per cent compared to June 2017 according to official figures published by the Department of Lands and Surveys.

This follows increases of 23% in May, 29% in April and 23% in March and is the smallest increase since February 2017 (when sales fell 9 per cent.)

During June a total of 858 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 843 deposited in June 2017.

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

Of those 858 contracts deposited, 385 (44.9%) were for properties purchased by non-Cypriots.

While sales in Paphos and Nicosia fell by 23% and 10% respectively, they rose in the remaining three districts.

In percentage terms Larnaca led the way with sales rising by 39% followed by Famagusta, where sales rose by 33% and Limassol, where sales rose 11%.

Total Property Sale Contracts – 2017/2018 Comparison

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2017 72
73
79
80 118 162 124 76 87 117 170 306
2018 146 96
126
117
153
146
Famagusta 2017 21
19 40
29
38 46
59 47 57 51 52 169
2018 48 52
40
52 79
61
Larnaca 2017 102
100 113
69
119 96
103 88 107 111 151 181
2018 112 99
116
83 113
133
Limassol 2017 132
177 232
192
298 304
289 201 203 306 321 532
2018 225 256
314
246 282
338
Paphos 2017 96
87 162
136
183 235
184 160 148 183 212 349
2018 164 163
172
157 201
180
Totals 2017 423
456 626
506
756 843
739 572 602 768 906 1537
2018 695 666 768 655 828 858

Property sales – year to date

During the first half of 2018 the number of contracts for the sale of property deposited at Land Registry offices has risen 24% to 4,470 compared to the 3,610 deposited during the first half of 2017.

In terms of the number of properties sold this year Limassol is in pole position with 1,661 sales, followed by Paphos with 1,037, Nicosia with 784, Larnaca 656 and finally Famagusta with 193.

Overseas property sales

The Land Registry figures reveal that a total of 385 property sale contracts were deposited by non-Cypriots during June 2018. Of those 126 were deposited by EU citizens and the remaining 259 by non-EU citizens, but we cannot quantify the number of non-EU citizens who bought property with a view to applying for citizenship.

Limassol was the most popular district with the overseas market with the number of property sales contracts deposited reaching 131. Paphos recorded 125, Larnaca 72, Famagusta 34 and Nicosia 23.

Overseas Property Sale Contracts – 2018

District Source Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia EU 10 8 9 10
9
8
Non-EU 10 4 13
14 9 15
Total 20 12 22 24 18 23
Famagusta EU 15 24 8
12 19 16
Non-EU 36 10 14
28 26 18
Total 51 34 22 40 45 34
Larnaca EU 9 9 9
6 9 20
Non-EU 43 46 40
36 49 52
Total 52 55 49 42 58 72
Limassol EU 15 17 32
17 19 22
Non-EU 103 87 83
67 94 109
Total 118 104 115 84 113 131
Paphos EU 41 58 55
49 70 60
Non-EU 105 97 74
87 88 65
Total 146 155 129 136 158 125
Totals EU 90 116 113
94 126 126
Non-EU 297 244 224
232 266 259
TOTAL 387 360 337 326 392 385

During the first half of 2018, a total of 2,187 property contracts have been deposited by overseas buyers, with 665 deposited by EU nationals and 1,522 by non-EU nationals.

Paphos maintains its position as the most popular spot for overseas buyers with sale contracts reaching 849, followed by Limassol with 665, Larnaca with 328, Famagusta with 226 and Nicosia with 119.

Cyprus Property Sale Contracts 2000 – 2018

Year Overseas Sales Domestic Sales Percentage
Overseas Sales
Total
Sales
2000 450 12,214 3.6% 12,664
2001 1,207 12,849 8.6% 14,056
2002 2,548 14,111 15.3% 16,659
2003 3,981 15,294 20.7% 19,275
2004 5,384 11,947 31.1% 17,331
2005 6,485 10,106 39.1% 16,591
2006 8,355 8,598 49.3% 16,953
2007 11,281 9,964 53.1% 21,245
2008 6,636 8,031 45.2% 14,667
2009 1,761 6,409 21.6% 8,170
2010 2,030 6,568 23.6% 8,598
2011 1,652 5,366 23.5% 7,018
2012 1,476 4,793 23.5% 6,269
2013 1,017 2,750 27.0% 3,767
2014 1,193 3,334 26.4% 4,527
2015 1,349 3,603 27.2% 4,952
2016
1,813 5,250 25.7% 7,063
2017
2,406 6,328 27.5% 8,734
2018 (June)
2,187 2,283 48.9% 4,470
Totals
63,211 149,798 29.7% 213,009

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