Cyprus Property News magazine for overseas buyers & real estate investors

Tuesday 20th October 2020
Home Property Sales Sales offer glimmer of hope for property market

Sales offer glimmer of hope for property market

PROPERTY sales in February fell 12 percent compared to February 2013, a 10 percent improvement on January’s figures which showed a fall of 22 percent compared with the same period last year.

During February a total of 311 contracts for the sale of commercial and residential properties and plots of land were deposited at Land Registry offices across Cyprus; a fall of 12% on the 352 contracts deposited in February 2013.

Of those 311 contracts 74% (230) were deposited on behalf of domestic buyers, while 26% (81) were deposited in favour of overseas buyers.

Sales in Famagusta increased by 20% to reach 18 compared to the 15 sold in February last year, while sales in Nicosia rose 17% to 69 compared to the 59 sold last year. Sales in Limassol went up 15% to reach 95 compared to the 83 sold in February 2013.

But these increases were more than wiped out by falls in Paphos and Larnaca of 38% and 25% respectively.

All Cyprus property sales February 2014

Domestic sales

Although domestic sales in January were down 6% compared with February last year, having fallen to 230 from 245, the fall was much less than the 31% experienced last month; an indication that confidence in the property market and the banking system may be returning.

Nicosia, the capital, experienced the greatest improvement with sales up 33% reaching 61 compared to 46 in February last year, while sales in Limassol rose 16% to reach 73 compared to 63 last year.

However, sales in the mainly tourist areas did not fare so well. Not a single property was sold in Famagusta, while domestic sales in Larnaca and Paphos fell by 37% and 10% respectively.

Domestic property sales February 2014

Overseas sales

Sales to the overseas market were down 24% compared with February last year falling to 81 from 107.

Eighteen properties were sold in Famagusta compared with two in February 2013, an increase of 800%. Sales also improved in Larnaca and Limassol, increasing by 23% and 10% respectively.

But sales in Paphos, the area most popular with overseas buyers, fell 71% compared with February last year, while those in Nicosia fell 39%.

Overseas property sales February 2014

4 COMMENTS

  1. Should Read :- Houses Sold– 130,000
    Title Deeds Given– NIL.
    Honesty and Trust–Nil
    Total Situation so Far Re All House Buyers. Well and Truly In the S–T !!
    Cyprus Situation at Present– Very Dire.
    Hope For The Future: NONE- Unless The Government do What They Know “THEY HAVE TO DO”
    Hand Over “ALL TITLE DEEDS” No Encumbrances at all.
    Then watch the Island start to Flourish again.

  2. Perhaps when I get my title deeds I too will be able to add my property to the number of sales, or perhaps my yet to be born grandchildren will!!

Comments are closed.

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