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Property sales recovery underway?

Property sales in Cyprus increased in April 2016 compared to the same period last year, according to official statistics published by the Department of Lands and Surveys, with sales up by 35 per cent.

Property sales recovery underway THE NUMBER of property sales in Cyprus during April 2016 increased by 35 per cent compared with April 2015 according to the official figures issued by the Department of Lands & Surveys earlier today.

The 35% increase in April follows a 19% increase in March and a 54% increase in February. Increased numbers of sales have been recorded for the last eight months and a recovery in the property market appears to be underway.

The increase in sales follows moves by the government to reduce Property Transfer Fees, and exemption from Capital Gains Tax when properties purchased by 31st December 2016 are subsequently sold. Recent announcements regarding the island’s long-awaited marinas should also help to encourage property sales in their respective locations.

Although the signs are encouraging, sales are still in the region of 60% below the numbers sold in 2000.

April saw a total of 514 contracts for the sale of commercial and residential properties and land (building plots and fields) being deposited at Land Registry offices across the island.

Of those 514 contracts, 74% (380) were deposited by domestic (Cypriot) purchasers, while 26% (134) were deposited by overseas (non-Cypriot) purchasers.

Although sales fell by 10% in the capital city Nicosia, they rose in all the other districts. Sales in Famagusta increased by 106% compared with April 2015, while sales in Larnaca, Limassol and Paphos rose by 90%, 44% and 14% respectively.

Total Property Sale Transactions – 2015/2016 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2015464583888661603765646054
201654
79
82
79
Famagusta2015162717172133451430293342
201622
3533
35
        
Larnaca2015907198676811195758587111114
201678
108121
127
        
Limassol2015959716011513513515687114166137169
201692
179197
166
        
Paphos201574859494951241408891117105134
201681
100106
107
        
Totals
2015321325452381405464496301385463446513
2016327
501539
514
        

During the four months of 2016 sales have risen 27% to reach 1,881 compared with 1,479 sales during the first four months of 2015.

Domestic property sales

Property sales to the domestic (Cypriot) market in April rose 34% compared to April 2015, with sales reaching 380 compared with 284 in April last year.

With the exception of Nicosia, where the number of property sales fell 7%, they rose in all the other districts.

Sales in Larnaca rose 128% compared to April 2015, while sales in Famagusta, Limassol and Paphos rose 106%, 36% and 2% respectively.

Domestic Property Sale Transactions – 2015/2016 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2015393671747458563655605044
201643
70
10
69
Famagusta2015921616930281425242441
2016203121
33
        
Larnaca2015774991404582606253598181
2016689685
91
        
Limassol201571771479086100123658112782123
201668158145
122
        
Paphos2015393886643463836447927189
2016617259
65
        
Totals
2015235202411284248333350241261352308378
2016260427382
380
        

Property sales to the domestic market during the first four months of 2016 are up 28% compared with the first four months of 2015 with sales reaching 1,449 compared to last year’s figure of 1,132.

Overseas property sales

Property sales to the overseas market also saw a strong growth – up 38% compared to April 2015, with sales reaching 134 compared with 97 in April last year.

With the exception of Nicosia, where sales fell by 29% they rose in all the other districts.

The two properties sold in Famagusta represented a rise of 100% in the number sold in April last year. Sales in Limassol rose 76%, while those in Paphos and Larnaca rose by 40% and 33% respectively.

Overseas Property Sale Transactions – 2015/2016 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2015791214123411041010
201611
9
10
10
Famagusta2015725111231705591
20162 412
2
        
Larnaca201513227272329351332283033
201610 1236
36
        
Limassol2015242013254935332233395546
201624 2152
44
        
Paphos201535478306161572444353445
201620 2847
42
        
Totals
201586123419715713114660124111138135
201667 74157
134
        

Sales to the overseas property market during the first four months of 2016 are up 24% compared with the first four months of last year with sales rising to 432 compared with last year’s figure of 347.

Cyprus Property Sale Transactions 2000 – 2016

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 (Apr)
4321,44923.0%1,881
Totals
57,237137,38629.4%194,623

Readers' comments

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  • Dina Gavrilenko says:

    There is a mistake in the sentence: “Of those 514 contracts, 74% (514) were deposited by domestic (Cypriot) purchasers, while 26% (134) were deposited by overseas (non-Cypriot) purchasers”.

    74% is 380, not 514.

    (Ed: Thank you Dina – I have corrected my mistake.)

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