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Property sales up 51 per cent in June

The Department of Lands and Surveys has published its monthly property sales report, which shows that property sales in Cyprus during June increased 51 percent compared to June last year.

PROPERTY sales in Cyprus increased for the fourth consecutive month in June with sales increasing in all districts compared to June 2013.

During May a total of 403 contracts for the purchase of commercial and residential properties and plots of land were deposited at Land Registry offices across Cyprus; a 50.9% increase on the 267 contracts deposited during the same period last year.

In percentage terms, Larnaca performed best with sales increasing by 103% to reach 81 compared to the 40 sold in June 2013. Sales in Limassol increased 88%, while sales in sales in Limassol, Paphos and Famagusta increased 88%, 21% and 13% respectively.

Cyprus property sales - June 2014

Overall sales during the first half of this year have improved 34% compared to the first half of last. And although improvements have been seen in most districts, sales in Paphos have fallen 7%, but if the upward momentum continues they should soon recover.

We will publish a breakdown of the sales figures as soon as the Department of Lands and Surveys publishes the relevant data.

Readers' comments

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  • Adrian says:

    The numbers can be interpreted however one wants, positive or negative:

    – there is an increase in the percentage of the sales from June 2013 to June 2014. Why? Lower property prices? Increased buyer confidence? Market at a turning point? Who knows…

    – if we look at the actual number of sold properties (403 island wide) we can say that the property market is still in pain.

    – If we look at sales from May 2014 and June 2014, we can say that June 2014 recorded a 25% drop in properties sale compared to May 2014. There is no upwards or downwards trend in the sales (yet), there are big increases/drops in sales from month to month. The numbers can be interpreted based on the interests of the reader…

  • milo says:

    But weren’t last years figures (2013) unusually low as Cyprus had just undergone a bailout and bank haircut in march 2013? So buying houses last year must have been the lowest on record for sometime, hence the figures this year being higher now is hardly earth shattering….in fact looking at Famagusta it’s 26 properties in total in a month! From just 23 in total last year! That includes commercial property, offices, and land NOT just residential, if you’re trying to sell a property in Cyprus it’s actually very dismal reading IMO….property prices have fallen yet again too….those of us who invested in property in Cyprus are seeing a big loss on our purchases.

  • Peter Davis says:

    51% of very little, isn’t much at all.

    When will we see the prices and sales of the 2007? I doubt if they will ever appear again in my lifetime.

  • @Stuart on 2014/07/12 at 10:38 am – The table includes all contracts for the purchase of property that have been deposited at Land Registries across the island. The information provided by the Department does not provide a breakdown of the classes of property sold (apartments, houses, shops, offices, land, etc.).

    Also, as the Department has yet to publish the number of sales to the domestic market I cannot tell you how many contracts were deposited in favour of Cypriot purchasers and non-Cypriot purchasers.

    Contracts will typically be deposited for (a) Those properties without deeds (off plan purchases – and those purchased using assignment/vesting contracts) (b) Properties sold to non-EU citizens who require permission from the Council of Ministers to own property on the island (which may or may not have Title Deeds).

    In addition to the number of contracts deposited, the Department publishes the number of property transactions – the number of properties transferred (which for this year to the end of June amount to 4,443). Some of these will be as a result of sales where the Title Deed was available and the vendor and the purchaser executed the transfer at the Land Registry without a contract and others will be as a result of the issuance of ‘new’ Title Deeds for properties purchased off-plan and where non-EU citizens have received Council of Ministers approval to own property.

    (I understand that finer grained statistics are available to registered estate agents).

  • Stuart says:

    Mike is absolutely right if indeed these are sales of newly constructed properties without Title Deeds to gullible investors who have failed to research the property market in Cyprus. However, some sales are of commercial property and also plots of land.

    Furthermore, it is not clear from the table above whether these figures include sales of properties with Title Deeds between local Cypriot residents or between a local resident and an overseas investor wishing to purchase a fully titled property.

    Perhaps Nigel could clarify the sales report for us as to whether the table includes internal sales as well as sales to external investors. The 51% increase could simply be attributable to an improved feeling of confidence in the local economy.

  • Mike says:

    Which goes to prove that we, as a species, are fundamentally stupid, ignore all warnings and previous experiences which would otherwise protect us from making similar idiotic mistakes and only choose to accept what we ideologically want to. Is it any wonder that fraudsters, crooks, liars and deceivers are able to take advantage of us time and time again over the course of decades.

    You have to admire the persistence of those that choose a life of extracting other peoples money from them to serve their own ends without as much as having to lift a finger – it obviously works and obviously proves that there is no worldwide shortage of those wishing to risk and squander their life’s savings.

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