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Continuing rise in property sales (Update)

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

Cyprus property sales continue to riseDURING September 2018, the number of property sales contracts deposited at Land Registry offices across the Republic of Cyprus rose 14% compared to September 2017 according to official figures published earlier today by the Department of Lands and Surveys.

Property sales have been rising for 17 consecutive months and this September rise follows a rise of 14% in August, 21% in July and 2% in June.

During September a total of 687 contracts for the sale of residential and commercial properties and land (building plots and fields) were deposited at Land Registry offices, compared with the 602 deposited in September 2017.

Of the 687 contracts deposited, 302 (44.0%) 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.)

Although sales in Famagusta fell 21% compared with September 2017, they rose in all the other districts. In percentage terms Nicosia led the way with sales rising by 36% followed by Limassol, where sales rose by 24%, while sales in Larnaca and Paphos rose by 13% and 3% respectively.

Property Sale Contracts – 2017/2018 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201772
73
79
801181621247687117170306
2018146 96
126
117
153
146
176
91
118
Famagusta201721
1940
29
3846
5947575152169
201848 52
40
5279
61
61
50
45
Larnaca2017102
100113
69
11996
10388107 111151181
2018112 99
116
83113
133
112
94
121
Limassol2017132
177232
192
298304
289201203306321532
2018225 256
314
246282
338
314
262
251
Paphos201796
87162
136
183235
184160148183212349
2018164 163
172
157201
180
233
156
152
Totals2017423
456626
506
756843
739572 602 768906 1537
2018695 666768 655828858896653687

Property sales – year to date

Between January and September 2018 sales have increased by 21% with the number of sale contracts deposited rising to 6,706 compared to 5,523 deposited during the same period last year.

So far this year sales in Famagusta have risen 37% and sales in Nicosia have risen 34%, while sales in Limassol, Paphos, and Larnaca have risen 24%, 13% and 10% respectively.

(The sales figures include an unknown number of properties acquired by banks as part of loan restructurings, etc.)

Overseas property sales

The Land Registry figures reveal that a total of 302 property sale contracts were deposited by non-Cypriots during August 2018. Of those 85 were deposited by EU citizens and the remaining 217 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 120. Limassol recorded 76, Larnaca 61, Famagusta 24 and Nicosia 21.

Overseas Property Sale Contracts – 2018

DistrictSourceJanFebMarAprMayJunJulAugSepOctNovDec
NicosiaEU10 8 910
9
8
11
5
10
   
Non-EU10  413
 14 915
 10 2 11   
Total201222 24182321721
FamagustaEU15  248
 12 19 16 20 9 0   
Non-EU36  1014
 28 26 18 23 12 24   
Total513422 404534432124
LarnacaEU9  99
 6 920
 15 11 15   
Non-EU43  4640
 36 49 52 56 36 46   
Total525549 425872714761
LimassolEU15  1732
 17 19 2225
 24 11   
Non-EU103  8783
 67 94 109 95 64 65   
Total118104115 841131311208876
PaphosEU41  5855
 49 70 60 79 55 49   
Non-EU105  9774
 87 88 65 92 53 71   
Total146155129 136158125171108120
TotalsEU90  116113
 94 126 126 150 104 85   
Non-EU 297 244224
 232 266 259 276 167 217   
TOTAL387360337  326392385426271302

During the first nine months of 2018, a total of 3,186 sales contracts were deposited by overseas buyers, with 1,004 deposited by EU nationals and 2,182 by non-EU nationals.

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 (Sept)
 3,186 3,52047.5% 6,706
Totals
64,210151,03529.8%215,245

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