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Property sales up 14% in August

The number of property sales in Cyprus continued to rise in August with the number of sales contracts deposited at Land Registry Offices across the Republic up 14 per cent compared with August 2017.

Cyprus property salesTHE NUMBER of property sales contracts deposited at Land Registry offices across the Republic of Cyprus during August 2018 rose 14 per cent compared to August 2017 according to official figures published by the Department of Lands and Surveys.

Property sales have been rising for 16 consecutive months and this August rise follows increases of 21% in July, 2% in June and 23% in May.

During August a total of 653 contracts for the sale of residential and commercial properties and land (building plots and fields) were deposited at Land Registry offices across Cyprus, compared with the 572 deposited in August 2017.

Of the 653 contracts deposited, 271 (41.5%) 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.)

Although sales in Paphos fell by 3% compared with August 2017, they rose in all the other districts. In percentage terms Limassol led the way with sales rising by 30% followed by Nicosia, where sales rose by 20% and Limassol. Sales in Larnaca and Famagusta rose by 7% and 6% respectively.

Total Property Sale Contracts – 2017/2018 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201772
73
79
801181621247687117170306
2018146 96
126
117
153
146
176
91
Famagusta201721
1940
29
3846
5947575152169
201848 52
40
5279
61
61
50
Larnaca2017102
100113
69
11996
10388107 111151181
2018112 99
116
83113
133
112
94
Limassol2017132
177232
192
298304
289201203306321532
2018225 256
314
246282
338
314
262
Paphos201796
87162
136
183235
184160148183212349
2018164 163
172
157201
180
233
156
Totals2017423
456626
506
756843
739572 602 768906 1537
2018695 666768 655828858896653

Property sales – year to date

During the first eight months of 2018 the number of contracts for the sale of property deposited at Land Registry offices has risen 22% to 6,016 compared to the 4,921 deposited during corresponding period of last year.

In percentage terms Famagusta saw the highest increase in the number of sales – up by 48%, followed by Nicosia (the capital) with a 34% increase. Increases of 24%, 15% and 9% were recorded in Limassol, Paphos, and Larnaca respectively.

Overseas property sales

The Land Registry figures reveal that a total of 271 property sale contracts were deposited by non-Cypriots during August 2018. Of those 104 were deposited by EU citizens and the remaining 167 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 108. Limassol recorded 88, Larnaca 36, Famagusta 21 and Nicosia 7.

Overseas Property Sale Contracts – 2018

DistrictSourceJanFebMarAprMayJunJulAugSepOctNovDec
NicosiaEU10 8 910
9
8
11
5
Non-EU10 413
14 915
10 2
Total201222241823217
FamagustaEU15 248
12 19 16 20 9
Non-EU36 1014
28 26 18 23 12
Total513422 4045344321
LarnacaEU9 99
6 920
15 11
Non-EU43 4640
36 49 52 56 36
Total5255494258727147
LimassolEU15 1732
17 19 2225
24
Non-EU103 8783
67 94 109 95 64
Total118104115 8411313112088
PaphosEU41 5855
49 70 60 79 55
Non-EU105 9774
87 88 65 92 53
Total146155129136158125171108
TotalsEU90 116113
94 126 126 150 104
Non-EU 297 244224
232 266 259 276 167
TOTAL387360337 326392385426271

During the first eight months of 2018, a total of 2,884 sales contracts were deposited by overseas buyers, with 919 deposited by EU nationals and 1,965 by non-EU nationals.

Paphos maintains its position as the most popular spot for overseas buyers with sale contracts reaching 1,128, followed by Limassol with 873, Larnaca with 446, Famagusta with 290 and Nicosia with 147.

Limassol is the most popular place for non-EU citizens, while Paphos is favoured by the majority of EU citizens.

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 (Aug)
2,884 3,13547.9% 6,019
Totals
63,908150,65029.8%214,558

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