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Cyprus property sales falter in May

The number of properties sold in Cyprus during May fell compared with the numbers sold in May 2014 with sales falling in all districts; the first monthly drop in sales since November last year.

CYPRUS property sales fell 27% in May compared with the numbers sold in May 2014 according to the latest official statistics from the Department of Lands & Surveys.

In May a total of 405 contracts for the sale of commercial and residential properties and plots of land were deposited at Land Registry offices across Cyprus, compared with the 551 contracts deposited in May last year.

Of those 405 contracts 61% (248) were deposited on behalf of domestic buyers, while 36% (157) were deposited in favour of overseas buyers.

Famagusta was the hardest hit with sales falling 55% compared to the same period last year. Sales in Paphos were down 27%, while those in Nicosia, Limassol and Larnaca fell by 36%, 27% and 17% respectively.

Speaking to Stockwatch Vice Chairman of the Cyprus Real Estate Agents Association Solomon Kourouklides, said that people are forced to sell some properties to pay off the banks but there is also lack of liquidity in the market. He noted that “Many are interested in selling properties but few are interested in buying.”

Meanwhile property valuator Polys Kourousides said that property sales have stabilized and this is reflected in the figures for recent months. “The decrease in May is due to last year’s high base” he said.

I spoke with an estate agent at the eastern end of the island who said they had several Assignment Contracts waiting to be deposited, but that they were waiting for the Tax Office to issue Tax Clearance certificates.

Cyprus property sales - May 2015

During the first five months of 2015, total property sales have risen 4% compared with the same period last year to reach 1,884 compared with 1,810.

Domestic sales

Domestic property sales in May tumbled 38% compared with May 2014, falling to 248 from 398 last year, with sales falling in all districts.

Famagusta took the brunt of the fall with sales dropping 76%. Sales in Paphos fell 38%. While those in Limassol, Nicosia and Larnaca were down 31%, 18% and 15% respectively compared to last year.

Cyprus: Domestic property sales May 2015

During the first five months of 2015, property sales to the domestic market have risen 6% compared with the same period last year having increased to 1,380 from 1,307.

Overseas sales

Sales to the overseas market in May rose 3% compared with May 2014.

The 56% drop in sales in Nicosia and the 4% drop in Larnaca were more than offset by an increase in sales in Famagusta (up 33%), Limassol (up 32%) and Paphos (up 3%).

Cyprus: Overseas property sales May 2015

During the first five months of 2015, sales to the overseas market are up just 0.2% compared with the first five months of 2014 having increased to 504 from 503.

Cyprus property sales 2000 – 2015 summary

Readers' comments

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  • Richard says:

    Only one comment on here really worth paying attention to:

    “If fix Cyprus title deed problem, this country will have huge amount of Chinese come to buy property.”

    Republic Government & banks please take note…

  • Pippa says:

    Until someone in the government actually realises the strange idea that people actually want to own something they have spent thousands of euros buying and get on with issuing unencumbered title deeds then the property market will continue to decline. Even my 5 year old grandson can work that one out.

  • Pippa says:

    Should the strange and modern notion of actually being able to own a property you have paid in full for actually takes hold who knows perhaps people will actually spend their hard earned cash!!

  • 白玉马 says:

    If fix Cyprus title deed problem, this country will have huge amount of Chinese come to buy property.

  • Steve R says:

    Look at the sales figures over the 15 years and it shows what a sorry state this island is in. Lost confidence in the market due to the economic turn-down globally and further enhanced by the bad press regarding crooked banks, lawyers and builders. The mainstay of this island is tourism. There is very little export to shout about. The government has to do something about the building trade or the island is doomed. If these figures are correct then the government should be calling some sort of emergency meeting sooner than later.

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.

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