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Small rise in Cyprus property sales (Update)

Although the number of property sales in Cyprus continued to rise in June according to the number of sales contracts deposited at Land Registry Offices, only a marginal rise was reported compared with June 2017.

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

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201772
73
79
801181621247687117170306
2018146 96
126
117
153
146
Famagusta201721
1940
29
3846
5947575152169
201848 52
40
5279
61
Larnaca2017102
100113
69
11996
10388107 111151181
2018112 99
116
83113
133
Limassol2017132
177232
192
298304
289201203306321532
2018225 256
314
246282
338
Paphos201796
87162
136
183235
184160148183212349
2018164 163
172
157201
180
Totals2017423
456626
506
756843
739572 602 768906 1537
2018695 666768 655828858

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

DistrictSourceJanFebMarAprMayJunJulAugSepOctNovDec
NicosiaEU10 8 910
9
8
Non-EU10 413
14 915
Total201222241823
FamagustaEU15 248
12 19 16
Non-EU36 1014
28 26 18
Total513422 404534
LarnacaEU9 99
6 920
Non-EU43 4640
36 49 52
Total525549425872
LimassolEU15 1732
17 19 22
Non-EU103 8783
67 94 109
Total118104115 84113131
PaphosEU41 5855
49 70 60
Non-EU105 9774
87 88 65
Total146155129136158125
TotalsEU90 116113
94 126 126
Non-EU 297 244224
232 266 259
TOTAL387360337 326392385

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

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 (June)
2,187 2,28348.9% 4,470
Totals
63,211149,79829.7%213,009

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