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15th August 2022
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HomeProperty NewsCyprus property sales: December 2009 report

Cyprus property sales: December 2009 report

ACCORDING to the latest figures from the Cyprus Land Registry, there was a modest increase in the number of properties sold during November this year compared to November 2008.

Overall, 792 contracts of sale were deposited at Land Registries throughout Cyprus in November, compared to 723 last month and 782 in November 2008. And although 1% more properties were sold last month than a year ago, demand is still very low compared to previous years. In November 2007 for example 1,979 properties were sold and in November 2006 1,587.

Number of Property Sales – 2008/2009 Comparison
 Location Nicosia Famagusta Larnaca Limassol Paphos Total
 Month 2008 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 2009
 January 367 101 187 37 345 77 301 152 415 91 1615 458
 February 349 161 269 52 312 112 345 132 306 101 1581 558
 March 365 162 142 49 229 97 317 160 273 112 1326 580
 April 296 162 143 71 296 122 310 126 291 122 1336 603
 May 325 184 216 68 282 134 268 146 275 107 1366 639
 June 298 188 166 82 289 152 297 189 336 142 1386 753
 July 330 254 225 114 266 141 369 214 352 179 1542 902
 August 155 173 128 64 165 135 236 148 252 122 936 642
 September 238 235 196 83 241 113 233 174 249 152 1157 757
 October 228 195 128 88 211 114 235 182 214 144 1016 723
 November 178 221 82 92 128 134 197 191 197 154 782 792
 Total Sales 3129 2036 1882 800 2764 1331 3108 1814 3160 1426 14043 7407
 % Change -35% -57% -52% -42% -55% -47%

Property Sales to Cypriots & Foreigners (Source: Cyprus Land Registry)

Some believe that this ‘reheating’ is attributable to price reductions on overseas holiday homes being offered by some of the property developers who target that segment of the market, while others believe it is due to Cypriots taking advantage of price reductions.

Chartered surveyor, valuer and real estate agent, Antonis Loizou believes that that the slight increase is due to Cypriots snapping up cheap deals and that a further improvement will occur in mid 2010 followed by a recovery in 2011.

However, real estate agent Elias Danos said “The increase in sales is occasional and the market will recover after summer”.

Those in the property industry believe that the recovery will take a long time and that it will not return to the heady days of 2007 – even after the market has recovered.

Chairman of the Land and Building Developers Association, Lakis Tofarides is more pessimistic, saying that sales in the past few months are like “a drop in the ocean”.

There are thousands of unsold flats and houses. The sale of 100 – 200 properties does not change the situation, given that there were many big developers who sold 10 – 15 properties per week and now they sell 10 per year”, he said.

(In a statement released earlier today by Dolphin Capital Investors, the total gross sales booked by Aristo Developers (‘Aristo’) in September, October and November were €11.6 million, an increase of 25% over the same period last year).

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