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Property sales up 6% in October

The number of property sales in Cyprus continued to rise in October with the number of sales contracts deposited at Land Registry Offices across the Republic up 6 per cent compared with October 2017.

Cyprus property sales up 6% in OctoberDURING October 2018, the number of property sales contracts deposited at Land Registry offices across the Republic of Cyprus rose 6% compared to October 2017 according to official figures published by the Department of Lands and Surveys.

Property sales have been rising for 18 consecutive months and this October rise follows rises of 14% in September, 14% in August and 21% in July.

During October a total of 811 contracts for the sale of residential and commercial properties and land (building plots and fields) were deposited at Land Registry offices, compared with the 768 deposited in October 2017.

Of the 768 contracts deposited, 403 (49.7%) 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.)

Although sales in Limassol fell 6% compared with October 2017, they rose in all the other districts. In percentage terms Nicosia led the way with sales rising by 24% followed by Famagusta, where sales rose by 12%. Meanwhile sales in Paphos and Larnaca rose by 11% and 5% respectively.

Total Property Sale Contracts – 2017/2018 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201772
73
79
801181621247687117170306
2018146 96
126
117
153
146
176
91
118
145
Famagusta201721
1940
29
3846
5947575152169
201848 52
40
5279
61
61
50
45 57
Larnaca2017102
100113
69
11996
10388107 111151181
2018112 99
116
83113
133
112
94
121 116
Limassol2017132
177232
192
298304
289201203306321532
2018225 256
314
246282
338
314
262
251 289
Paphos201796
87162
136
183235
184160148183212349
2018164 163
172
157201
180
233
156
152 204
Totals2017423
456626
506
756843
739572 602 768906 1537
2018695 666768 655828858896653687811

Property sales – year to date

Between January and October 2018 sales have increased by 19% with the number of sale contracts deposited rising to 7,517 compared to 6,291 deposited during the same period last year.

So far this year sales in Famagusta have risen 34% and sales in Nicosia have risen 33% Meanwhile sales in Limassol, Paphos, and Larnaca have risen 20%, 13% and 9% 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 403 property sale contracts were deposited by non-Cypriots during October 2018. Of those 146 were deposited by EU citizens and the remaining 257 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 180. Limassol recorded 113, Larnaca 70, Famagusta 21 and Nicosia 19.

Overseas Property Sale Contracts – 2018

DistrictSourceJanFebMarAprMayJunJulAugSepOctNovDec
NicosiaEU10 8 910
9
8
11
5
10
8
Non-EU10 413
14 915
10 2 11 11
Total2012222418232172119
FamagustaEU15 248
12 19 16 20 9 0 7
Non-EU36 1014
28 26 18 23 12 24 14
Total513422 40453443212421
LarnacaEU9 99
6 920
15 11 15 13
Non-EU43 4640
36 49 52 56 36 46 57
Total52554942587271476170
LimassolEU15 1732
17 19 2225
24 11 27
Non-EU103 8783
67 94 109 95 64 65 86
Total118104115 841131311208876113
PaphosEU41 5855
49 70 60 79 55 49 91
Non-EU105 9774
87 88 65 92 53 71 89
Total146155129136158125171108120180
TotalsEU90 116113
94 126 126 150 104 85 146
Non-EU 297 244224
232 266 259 276 167 217 257
TOTAL387360337 326392385426271302403

During the first ten months of 2018, a total of 3,589 sales contracts were deposited by overseas buyers, with 1,150 deposited by EU nationals and 2,439 by non-EU nationals.

Limassol remains 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 (Oct)
3,589 3,92847.7% 7,517
Totals
64,613151,44329.9%216,056

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