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Property sales continue to rise (update)

The number of property sales in Cyprus continued to rise in January 2019 compared to the numbers sold in January 2018 according to official figures published today by the Department of Lands and Surveys.

Cyprus property salesCYPRUS property sales continued to rise in January, with the number of sales contracts deposited at Land Registry offices in the Republic rising by 10 per cent compared to the same month last year.

With the exception of December 2018, when sales fell by 48 per cent due to the rush to buy land in December 2017 before the government introduced VAT on land sales, the number of property sales has increased for the 21 consecutive months.

January 2019 saw a total of 766 contracts deposited at Land Registry offices for the sale of commercial and residential properties and land compared with 695 in January 2018; a rise of 10 per cent.

Of those 766 contracts, 409 (54%) were deposited by Cypriots and the remaining 357 (47%) by non-Cypriots – 107 by EU citizens and 250 by non-EU citizens.

The figures show a continuing improvement in the economic conditions, together with government incentives designed to boost property sales and drive foreign investment. Unemployment is also falling; down to 8.8 per cent in December 2018 from almost 17 per cent in 2013. (Across the EU 28 the unemployment rate stood at 6.6 per cent in December 2018.)

Property sales up in all districts

In percentage terms, Paphos lead the way with sales up 14 per cent followed by Limassol, where sales rose by 12 per cent. Meanwhile sales in both Nicosia and Famagusta rose by 10 per cent, while sales in Larnaca rose by 2 per cent.

Total Property Sale Contracts – 2018/2019 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia20181469612611715314617691118145161131
2019161
Famagusta2018485240527961615045574748
201953
Larnaca2018112991168311313311294121116143103
2019114
Limassol2018225256314246282338314262251289344290
2019251
Paphos2018164163172157201180233156152204230230
2019187
Totals2018695666768655828858896653687811925800
2019766

Domestic sales

Domestic sales rose 33% in January 2019 compared with the same period last year, with sales rising in all districts with the exception of Larnaca, where they fell by 10%.

Sales in Paphos, Limassol and Nicosia rose by 67%, 55% and 1% respectively. Unfortunately the January 2018 figure for Famagusta cannot be calculated as the Department reported that overseas buyers deposited 3 more contracts than the total number of contracts deposited.

Domestic Property Sale Contracts – 2018/2019 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201812684104931351231558497126141108
2019127
Famagusta2018-31818123427182921361429
201932
Larnaca2018604467415561414760468252
201953
Limassol2018107152199162169207194174175176196201
2019166
Paphos201818843214355624832246460
201930
Totals2018308306431329436473470382385408497450
2019409

Overseas sales

Property sales to the overseas (non-Cypriot) market during January 2019 fell 8% compared to the same month last year with 357 contracts of sale deposited compared with 387 in January 2017.

Although sales in Nicosia, Larnaca and Paphos rose by 70%, 15% and 8% respectively, they fell by 59% in Famagusta and by 28% in Limassol.

Total Overseas Property Sale Contracts – 2018/2019 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201820122224182321721192023
201934
Famagusta2018513422404534432124213317
201921
Larnaca2018525549425872714761706151
201960
Limassol201811810411584113131120887611314889
201985
Paphos2018146155129136158125171108120180166170
2019157
Totals2018387360337326392385426271302403428350
2019357

Sales to EU nationals

Property sales to EU nationals rose 19% compared with the same month last year.

With the exception Famagusta, where sales declined 40%, they rose in all the other districts.

Nicosia led the way with sales rising by 40% followed by Paphos, where sales rose by 37%. Sales in Larnaca and Limassol rose by 33% and 7% respectively.

Foreign (EU) Property Sale Contracts – 2018/2019 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201810881098115108715
201914
Famagusta20181524812191620907136
20199
Larnaca20189996920151115131119
201912
Limassol2018151732171922252411273820
201916
Paphos2018415855497060795549917473
201956
Totals2018901161139412612615010485146143135
2019107

Sales to non-EU nationals

Sales to non-EU nationals fell 16% compared with January 2018.

While sales in Nicosia doubled and sales in Larnaca rose by 12%, they fell in all the other districts.

Sales in Famagusta fell by 67%, while sales in Limassol and Paphos fell by 33% and 4% respectively.

Foreign (Non-EU) Property Sale Contracts – 2018/2019 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201810413149151021111138
201920
Famagusta201836101428261823122414209
201912
Larnaca2018434640364952563646575032
201948
Limassol2018103878367941099564658711069
201969
Paphos20181059774878865925371899297
2019101
Totals2018297244224232266259276167217257285215
2019250

Analysis of property sales since 2000

Cyprus Property Sale Contracts 2000 – 2019

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
201814,3674,87547.3%9,242
2019 (Jan)
35740946.6%766
Totals
65,748152,79930.1%218,547

1 The Department of Lands & Surveys has advised that overseas sales in 2018 and subsequent year should not be compared to sales in previous years due to changes in the methodology used to classify ‘Aliens’ (foreigners).

Readers' comments

Comments on this article are no longer being accepted.

  • embapaphos says:

    @Pils & Peter Howard, I have spoken to many agents in paphos region over the last 8 months or so, all I can say is that things are pretty good for them, did not hear any complain.

    Ed: I’ve zapped part of your comment. The person you’re looking for can be easily found using Google.

  • pils says:

    Thanks Howard—– you cannot always believe what independent companies or media say, your information as a individual on the ground is useful and gives me re-assurance to make a decision on my own property

  • Peter Howard says:

    Re Pils and uninformed comments about property sales in Peyia. His independent report was way adrift when it suggests only 18 sales a year – ridiculous.

    Anyway why worry about what happened 6 years ago – any reputable agent will now tell you, that it is difficult to find good value properties to sell in the Peyia area -I am a fully licensed agent and have advertised for more properties to market in Peyia – without result. I know of one agent who sold more than 20 properties in Peyia last year alone.

    The property market is doing very well here in the Paphos area, but it is becoming more difficult for reputable agents to find good quality property to market.

  • pils says:

    Good news that property sales are increasing in Paphos area overall, but regions of Paphos i.e Peyia are flat or non existent. Sales in Peyia from 2013 to 2016 via independent report was 54 sales in 3 years. Has Peyia improved sales from 2016. With reports of increased new development projects in Peyia and some surrounding areas not all regions of Paphos is looking rosy.

    Ed: Unfortunately the Department of Lands & Surveys does nor provide an analysis of sales in specific areas of the districts.

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