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29th March 2024
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HomeMarinasProperty sales recovery underway?

Property sales recovery underway?

Property sales recovery underwayTHE 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

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2015 46 45 83 88 86 61 60 37 65 64 60 54
2016 54
79
82
79
Famagusta 2015 16 27 17 17 21 33 45 14 30 29 33 42
2016 22
35 33
35
               
Larnaca 2015 90 71 98 67 68 111 95 75 85 87 111 114
2016 78
108 121
127
               
Limassol 2015 95 97 160 115 135 135 156 87 114 166 137 169
2016 92
179 197
166
               
Paphos 2015 74 85 94 94 95 124 140 88 91 117 105 134
2016 81
100 106
107
               
Totals
2015 321 325 452 381 405 464 496 301 385 463 446 513
2016 327
501 539
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

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2015 39 36 71 74 74 58 56 36 55 60 50 44
2016 43
70
10
69
Famagusta 2015 9 2 16 16 9 30 28 14 25 24 24 41
2016 20 31 21
33
               
Larnaca 2015 77 49 91 40 45 82 60 62 53 59 81 81
2016 68 96 85
91
               
Limassol 2015 71 77 147 90 86 100 123 65 81 127 82 123
2016 68 158 145
122
               
Paphos 2015 39 38 86 64 34 63 83 64 47 92 71 89
2016 61 72 59
65
               
Totals
2015 235 202 411 284 248 333 350 241 261 352 308 378
2016 260 427 382
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

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2015 7 9 12 14 12 3 4 1 10 4 10 10
2016 11
9
10
10
Famagusta 2015 7 25 1 1 12 3 17 0 5 5 9 1
2016 2 4 12
2
               
Larnaca 2015 13 22 7 27 23 29 35 13 32 28 30 33
2016 10 12 36
36
               
Limassol 2015 24 20 13 25 49 35 33 22 33 39 55 46
2016 24 21 52
44
               
Paphos 2015 35 47 8 30 61 61 57 24 44 35 34 45
2016 20 28 47
42
               
Totals
2015 86 123 41 97 157 131 146 60 124 111 138 135
2016 67 74 157
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

Year Overseas Sales Domestic Sales Percentage
Overseas Sales
Total
Sales
2000 450 12,214 3.6% 12,664
2001 1,207 12,849 8.6% 14,056
2002 2,548 14,111 15.3% 16,659
2003 3,981 15,294 20.7% 19,275
2004 5,384 11,947 31.1% 17,331
2005 6,485 10,106 39.1% 16,591
2006 8,355 8,598 49.3% 16,953
2007 11,281 9,964 53.1% 21,245
2008 6,636 8,031 45.2% 14,667
2009 1,761 6,409 21.6% 8,170
2010 2,030 6,568 23.6% 8,598
2011 1,652 5,366 23.5% 7,018
2012 1,476 4,793 23.5% 6,269
2013 1,017 2,750 27.0% 3,767
2014 1,193 3,334 26.4% 4,527
2015 1,349 3,603 27.2% 4,952
2016 (Apr)
432 1,449 23.0% 1,881
Totals
57,237 137,386 29.4% 194,623

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1 COMMENT

  1. 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.)

Comments are closed.

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