DURING 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
| 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 |
176 |
91 |
118 |
||||
| Famagusta | 2017 | 21 |
19 | 40 |
29 |
38 | 46 |
59 | 47 | 57 | 51 | 52 | 169 |
| 2018 | 48 | 52 |
40 |
52 | 79 |
61 |
61 |
50 |
45 | ||||
| Larnaca | 2017 | 102 |
100 | 113 |
69 |
119 | 96 |
103 | 88 | 107 | 111 | 151 | 181 |
| 2018 | 112 | 99 |
116 |
83 | 113 |
133 |
112 |
94 |
121 | ||||
| Limassol | 2017 | 132 |
177 | 232 |
192 |
298 | 304 |
289 | 201 | 203 | 306 | 321 | 532 |
| 2018 | 225 | 256 |
314 |
246 | 282 |
338 |
314 |
262 |
251 | ||||
| Paphos | 2017 | 96 |
87 | 162 |
136 |
183 | 235 |
184 | 160 | 148 | 183 | 212 | 349 |
| 2018 | 164 | 163 |
172 |
157 | 201 |
180 |
233 |
156 |
152 | ||||
| Totals | 2017 | 423 |
456 | 626 |
506 |
756 | 843 |
739 | 572 | 602 | 768 | 906 | 1537 |
| 2018 | 695 | 666 | 768 | 655 | 828 | 858 | 896 | 653 | 687 |
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
| District | Source | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nicosia | EU | 10 | 8 | 9 | 10 |
9 |
8 |
11 |
5 |
10 |
|||
| Non-EU | 10 | 4 | 13 |
14 | 9 | 15 |
10 | 2 | 11 | ||||
| Total | 20 | 12 | 22 | 24 | 18 | 23 | 21 | 7 | 21 | ||||
| Famagusta | EU | 15 | 24 | 8 |
12 | 19 | 16 | 20 | 9 | 0 | |||
| Non-EU | 36 | 10 | 14 |
28 | 26 | 18 | 23 | 12 | 24 | ||||
| Total | 51 | 34 | 22 | 40 | 45 | 34 | 43 | 21 | 24 | ||||
| Larnaca | EU | 9 | 9 | 9 |
6 | 9 | 20 |
15 | 11 | 15 | |||
| Non-EU | 43 | 46 | 40 |
36 | 49 | 52 | 56 | 36 | 46 | ||||
| Total | 52 | 55 | 49 | 42 | 58 | 72 | 71 | 47 | 61 | ||||
| Limassol | EU | 15 | 17 | 32 |
17 | 19 | 22 | 25 |
24 | 11 | |||
| Non-EU | 103 | 87 | 83 |
67 | 94 | 109 | 95 | 64 | 65 | ||||
| Total | 118 | 104 | 115 | 84 | 113 | 131 | 120 | 88 | 76 | ||||
| Paphos | EU | 41 | 58 | 55 |
49 | 70 | 60 | 79 | 55 | 49 | |||
| Non-EU | 105 | 97 | 74 |
87 | 88 | 65 | 92 | 53 | 71 | ||||
| Total | 146 | 155 | 129 | 136 | 158 | 125 | 171 | 108 | 120 | ||||
| Totals | EU | 90 | 116 | 113 |
94 | 126 | 126 | 150 | 104 | 85 | |||
| Non-EU | 297 | 244 | 224 |
232 | 266 | 259 | 276 | 167 | 217 | ||||
| TOTAL | 387 | 360 | 337 | 326 | 392 | 385 | 426 | 271 | 302 |
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
| 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 (Sept) |
3,186 | 3,520 | 47.5% | 6,706 |
| Totals |
64,210 | 151,035 | 29.8% | 215,245 |
