Latest Headlines

Cyprus property sales up 21% in July

The number of property sales in Cyprus continued to rise in July with the number of sales contracts deposited at Land Registry Offices across the Republic up 21 per cent compared with July 2017.

Cyprus property sales up 21% in JulyTHE NUMBER of property sales contracts deposited at Land Registry offices across the Republic of Cyprus during July 2018 rose 21 per cent compared to July 2017 according to official figures published by the Department of Lands and Surveys.

This follows increases of 2% in June, 23% in May and 29% in April.

During July a total of 896 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 July 2017.

Of the 896 contracts deposited, 426 (48.7%) 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 (aka Passports for Cash scheme.)

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

Sales rose in all districts. In percentage terms Nicosia led the way with sales rising by 42% followed by Paphos, where sales rose by 27% and Limassol, where sales rose 17%. Sales in Larnaca and Famagusta rose by 9% and 3% respectively.

Total Property Sale Contracts – 2017/2018 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201772
73
79
801181621247687117170306
2018146 96
126
117
153
146
176
Famagusta201721
1940
29
3846
5947575152169
201848 52
40
5279
61
61
Larnaca2017102
100113
69
11996
10388107 111151181
2018112 99
116
83113
133
112
Limassol2017132
177232
192
298304
289201203306321532
2018225 256
314
246282
338
314
Paphos201796
87162
136
183235
184160148183212349
2018164 163
172
157201
180
233
Totals2017423
456626
506
756843
739572 602 768906 1537
2018695 666768 655828858896

Property sales – year to date

During the first seven months of 2018 the number of contracts for the sale of property deposited at Land Registry offices has risen 23% to 5,366 compared to the 4,349 deposited during corresponding period of last year.

In percentage terms Famagusta saw the highest increase in the number of sales – up by 56%, followed by Nicosia (the capital) with a 36% increase. Increases of 23%, 17% and 9% were recorded in Limassol, Paphos, and Larnaca respectively.

Overseas property sales

The Land Registry figures reveal that a total of 426 property sale contracts were deposited by non-Cypriots during July 2018. Of those 150 were deposited by EU citizens and the remaining 276 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 171. Limassol recorded 120, Larnaca 71, Famagusta 43 and Nicosia 21.

Overseas Property Sale Contracts – 2018

DistrictSourceJanFebMarAprMayJunJulAugSepOctNovDec
NicosiaEU10 8 910
9
8
11
Non-EU10 413
14 915
10
Total20122224182321
FamagustaEU15 248
12 19 16 20
Non-EU36 1014
28 26 18 23
Total513422 40453443
LarnacaEU9 99
6 920
15
Non-EU43 4640
36 49 52 56
Total52554942587271
LimassolEU15 1732
17 19 2225
Non-EU103 8783
67 94 109 95
Total118104115 84113131120
PaphosEU41 5855
49 70 60 79
Non-EU105 9774
87 88 65 92
Total146155129136158125171
TotalsEU90 116113
94 126 126 150
Non-EU 297 244224
232 266 259 276
TOTAL387360337 326392385426

During the first seven months of 2018, a total of 2,613 property sales contracts were deposited by overseas buyers, with 815 deposited by EU nationals and 1,798 by non-EU nationals.

Paphos maintains its position as the most popular spot for overseas buyers with sale contracts reaching 1,020, followed by Limassol with 785, Larnaca with 399, Famagusta with 269 and Nicosia with 140.

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 (July)
2,613 2,75348.7% 5,366
Totals
63,637150,26829.8%213,905

Readers' comments

Comments on this article are no longer being accepted.

  • Anna Polli says:

    Well I agree with Deanna below, seems like Cyprus interests people because of passport and bonuses it gives to its holders. On the other hand Tranio has so much information on different properties you can buy in Cyprus and how much profit it can bring you.

  • Deanna says:

    Nothing to be proud of when the lure is selling-off EU membership via passport.

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

  • Text size

SELECTED REPORTS

Back to top