THE NUMBER of property sales in Cyprus during June 2016 increased by 42 per cent compared with June 2015 according to the latest official figures issued by the Department of Lands & Surveys.
The 42% increase in June follows a 17% increase in May and a 35% increase in April.
However the figures include debt-to-asset swaps, which inflate the numbers. Borrowers who are unable to service their loans have been encouraged to benefit from the debt-to-asset swaps as the law passed on 1st January, which exempts them from paying Property Transfer Fees. It also helps them to repay their debts and avoids insolvency. The debt-to-asset swaps also helps the banks reduce their non-performing loans (NPLs) and improves their balance sheets.
June saw a total of 657 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 657 contracts, 70% (462) were deposited by domestic (Cypriot) purchasers, while 30% (195) were deposited by overseas (non-Cypriot) purchasers.
Sales rose in all districts. Sales in Famagusta rose 64% compared with June 2015, while sales in Nicosia rose 61%. Meanwhile sales in Paphos, Larnaca and Famagusta rose 48%, 8% and 3% 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 | 82 | 98 | |||||||
Famagusta | 2015 | 16 | 27 | 17 | 17 | 21 | 33 | 45 | 14 | 30 | 29 | 33 | 42 |
2016 | 22 |
35 | 33 |
35 |
24 | 34 |
|||||||
Larnaca | 2015 | 90 | 71 | 98 | 67 | 68 | 111 | 95 | 75 | 85 | 87 | 111 | 114 |
2016 | 78 |
108 | 121 |
127 |
103 | 120 |
|||||||
Limassol | 2015 | 95 | 97 | 160 | 115 | 135 | 135 | 156 | 87 | 114 | 166 | 137 | 169 |
2016 | 92 |
179 | 197 |
166 |
145 | 222 |
|||||||
Paphos | 2015 | 74 | 85 | 94 | 94 | 95 | 124 | 140 | 88 | 91 | 117 | 105 | 134 |
2016 | 81 |
100 | 106 |
107 |
120 | 183 |
|||||||
Totals |
2015 | 321 | 325 | 452 | 381 | 405 | 464 | 496 | 301 | 385 | 463 | 446 | 513 |
2016 | 327 |
501 | 539 |
514 |
474 | 657 |
During the first half of 2016 sales have risen 28% to reach 3,012 compared with 2,348 sales during the corresponding period of last year.
Domestic property sales
Property sales to the domestic (Cypriot) market in June rose 39% compared to June 2015, with sales reaching 462 compared with 333 in the same month last year.
Although sales in Famagusta and Larnaca fell by 77% and 9% respectively compared to June last year, they rose in the other three districts.
Sales in Paphos rose 100%, while sales in Limassol and Nicosia rose 62% and 59% 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 | 68 | 92 | |||||||
Famagusta | 2015 | 9 | 2 | 16 | 16 | 9 | 30 | 28 | 14 | 25 | 24 | 24 | 41 |
2016 | 20 | 31 | 21 |
33 |
24 | 7 | |||||||
Larnaca | 2015 | 77 | 49 | 91 | 40 | 45 | 82 | 60 | 62 | 53 | 59 | 81 | 81 |
2016 | 68 | 96 | 85 |
91 |
93 | 75 | |||||||
Limassol | 2015 | 71 | 77 | 147 | 90 | 86 | 100 | 123 | 65 | 81 | 127 | 82 | 123 |
2016 | 68 | 158 | 145 |
122 |
126 | 162 | |||||||
Paphos | 2015 | 39 | 38 | 86 | 64 | 34 | 63 | 83 | 64 | 47 | 92 | 71 | 89 |
2016 | 61 | 72 | 59 |
65 |
105 | 126 | |||||||
Totals |
2015 | 235 | 202 | 411 | 284 | 248 | 333 | 350 | 241 | 261 | 352 | 308 | 378 |
2016 | 260 | 427 | 382 |
380 |
416 |
462 |
Domestic sales during the first half of 2016 are up 36% compared with the first half of 2015 with sales reaching 2,327 compared with 1,713 sales during the corresponding period last year.
Overseas property sales
Property sales to the overseas (non-Cypriot) market rose 49% in June compared with June 2015 with 195 properties being sold compared with just 131 in the same month last year.
Although sales in Paphos to the overseas market fell 7% compared to June 2015, they rose in all the other districts.
Sales in Famagusta rose 800% (with no sales being recorded in May), while sales in Nicosia, Limassol and Larnaca rose by 100%, 71% and 55% 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 | 14 | 6 | |||||||
Famagusta | 2015 | 7 | 25 | 1 | 1 | 12 | 3 | 17 | 0 | 5 | 5 | 9 | 1 |
2016 | 2 | 4 | 12 |
2 |
0 |
27 |
|||||||
Larnaca | 2015 | 13 | 22 | 7 | 27 | 23 | 29 | 35 | 13 | 32 | 28 | 30 | 33 |
2016 | 10 | 12 | 36 |
36 |
10 |
45 |
|||||||
Limassol | 2015 | 24 | 20 | 13 | 25 | 49 | 35 | 33 | 22 | 33 | 39 | 55 | 46 |
2016 | 24 | 21 | 52 |
44 |
19 |
60 |
|||||||
Paphos | 2015 | 35 | 47 | 8 | 30 | 61 | 61 | 57 | 24 | 44 | 35 | 34 | 45 |
2016 | 20 | 28 | 47 |
42 |
15 |
57 | |||||||
Totals |
2015 | 86 | 123 | 41 | 97 | 157 | 131 | 146 | 60 | 124 | 111 | 138 | 135 |
2016 | 67 | 74 | 157 |
134 |
58 |
195 |
Sales to the overseas property market during the half of 2016 are up 8% compared with the first half of last year with sales rising to 685 compared to last year’s figure of 635. However, the half year’s sales in Paphos and Famagusta are down 14% and 4% respectively.
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 (Jun) |
685 | 2,327 | 29.7% | 3,012 |
Totals |
57,490 | 138,264 | 29.4% | 195,754 |
I hope that there’s a Chinese or Russian version of the update.
Seriously wasted upon any Brits who know better than to trust Cypriot statistics.
After all: an increase of 1, when Sales are 1 gives 100% increase.
Lies, damned lies and statistics