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Wednesday 30th September 2020
Home Property Sales Property sales up 44 per cent

Property sales up 44 per cent

Cyprus property sales up 44%PROPERTY sales in Cyprus increased by 44 per cent in September compared to September last year according to the latest official figures published by the Department of Lands and Surveys.

During September a total of 556 contracts for the sale of commercial and residential properties and land (building plots and fields) were deposited at Land Registry offices across the island; an increase of 44% over the 385 sold in September last year.

September’s increase follows a 50% increase in August, a 26% increase in July, and a 42% increase in June.

Of those 556 contracts, 77% (427) were deposited by domestic (Cypriot) purchasers, while 23% (129) were deposited by overseas (non-Cypriot) purchasers.

The number of contracts includes ‘non-sale’ agreements such as loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers. As these ‘non-sale’ agreements are not recorded separately, there is no clear picture of the actual demand for property in the domestic (Cypriot) market.

During September sales rose in all district compared with September 2015. In percentage terms:

  • Sales in Limassol rose 71%
  • Sales in Larnaca rose 42%
  • Sales in Paphos rose 40%
  • Sales in Nicosia rose 25%
  • Sales in Famagusta rose 7%

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 98 102 64 81
Famagusta 2015 16 27 17 17 21 33 45 14 30 29 33 42
2016 22
35 33
35
24 34
27 41  32
Larnaca 2015 90 71 98 67 68 111 95 75 85 87 111 114
2016 78
108 121
127
103 120
123 81  121
Limassol 2015 95 97 160 115 135 135 156 87 114 166 137 169
2016 92
179 197
166
145 222
220 129  195
Paphos 2015 74 85 94 94 95 124 140 88 91 117 105 134
2016 81
100 106
107
120 183
153 136 127
Totals
2015 321 325 452 381 405 464 496 301 385 463 446 513
2016 327
501 539
514
474 657
625 451  556

Year to date performance

During the first 9 months of 2016 property sales have risen 32% to reach 4,644 compared with 3,530 during the corresponding period last year.

Sales have increased in all districts. Sales in Limassol have risen 41% and by 29% in both Larnaca and Famagusta. Sales in Paphos and Nicosia (the capital) have both risen by 26%.

Domestic property sales

Property sales to the domestic (Cypriot) market in September rose 64% compared to September 2015, with sales reaching 427 compared with 261 in the same month last year.

Although sales in Famagusta fell by 12%, they rose in all the other districts.

In percentage terms Paphos led the way with sales rising by 109% compared to September last year, whiles sales in Limassol, Larnaca and Nicosia rose by 75%, 70% and 36% 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 94 58 75
Famagusta 2015 9 2 16 16 9 30 28 14 25 24 24 41
2016 20 31 21
33
24 7 19 32  22
Larnaca 2015 77 49 91 40 45 82 60 62 53 59 81 81
2016 68 96 85
91
93 75 91 67  90
Limassol 2015 71 77 147 90 86 100 123 65 81 127 82 123
2016 68 158 145
122
126 162 156 101  142
Paphos 2015 39 38 86 64 34 63 83 64 47 92 71 89
2016 61 72 59
65
105 126 74 88  98
Totals
2015 235 202 411 284 248 333 350 241 261 352 308 378
2016 260 427 382
380
416
462
434 346  427

Year to date performance

Domestic sales during the first nine months of 2016 are up 38% compared with the first nine months of 2015 with sales reaching 3,534 compared with 2,565 during the corresponding period last year.

Sales have risen in all districts. Sales in Paphos have risen by 44%, while sales in Famagusta and Limassol have risen by 40%. Sales in Larnaca and Nicosia have risen by 35% and 28% respectively

Overseas property sales

Property sales to the overseas (non-Cypriot) market during September were disappointing rising just 4% compared with September 2015 with 129 properties being sold compared with 124 in the same month last year.

Property sales in Nicosia, Paphos and Larnaca fell by 40%, 34% and 3% respectively. But on a brighter note sales in Famagusta rose 100% to reach 10 and sales in Limassol rose by 61% reaching 53.

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 8 6 6
Famagusta 2015 7 25 1 1 12 3 17 0 5 5 9 1
2016 2 4 12
2
0
27
8 9  10
Larnaca 2015 13 22 7 27 23 29 35 13 32 28 30 33
2016 10 12 36
36
10
45
32 14  31
Limassol 2015 24 20 13 25 49 35 33 22 33 39 55 46
2016 24 21 52
44
19
60
64 28  53
Paphos 2015 35 47 8 30 61 61 57 24 44 35 34 45
2016 20 28 47
42
15
57 79 48  29
Totals
2015 86 123 41 97 157 131 146 60 124 111 138 135
2016 67 74 157
134
58
195
191 105  129

Year to date performance

Overseas sales during the first nine months of 2016 are up 15% compared with the first nine months of 2015 with sales reaching 1,110 compared with 965 during the corresponding period last year.

With the exception of Paphos, where sales have fallen by 1%, they have risen in all the other districts.

Sales in Limassol have risen 44%, while sales in Larnaca and Nicosia have risen by 12% and 11% 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 (Sep) 1,110 3,534 23.9% 4,644
Totals
57,915 139,471 29.3% 197,368

2 COMMENTS

  1. Nationalities???

    Ed: The Department of Lands & Surveys doesn’t publish details of nationalities – only Cypriot and non-Cypriot. Having just looked through a contract sent to me by a Dutchman, it doesn’t state his nationality.

  2. Well now we don’t know how many ‘new’ contracts since they can’t separate the wheat from the chaff. So these figures are just spin…

    Ed: We can be sure the figures for sales to the overseas market are OK.

Comments are closed.

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