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3rd December 2021
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HomeProperty NewsOctober property sales rise 37 per cent

October property sales rise 37 per cent

Cyprus property sales rise 37 Per centTHE DEPARTMENT of Lands and Surveys reported a 37 per cent increase in property sales during October compared with October 2015.

During October a total of 634 contracts for the sale of commercial and residential properties and land (building plots and fields) were deposited at Land Registry offices across the island compared with the  463 deposited in October last year.

October’s increase follows a 44% increase in September, a 50% increase in August, and a 26% increase in July.

Of those 634 contracts, 75% (473) were deposited by domestic (Cypriot) purchasers, while 25% (161) 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 October sales rose in all district compared with October 2015. In percentage terms Limassol led the way with sales up 63%, followed closely by Famagusta with a 62% increase, while sales in Larnaca, Nicosia and Paphos rose 28%, 25% and 8% 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 98 102 64 81 80
Famagusta 2015 16 27 17 17 21 33 45 14 30 29 33 42
2016 22
35 33
35
24 34
27 41  32  47
Larnaca 2015 90 71 98 67 68 111 95 75 85 87 111 114
2016 78
108 121
127
103 120
123 81  121  111
Limassol 2015 95 97 160 115 135 135 156 87 114 166 137 169
2016 92
179 197
166
145 222
220 129  195  270
Paphos 2015 74 85 94 94 95 124 140 88 91 117 105 134
2016 81
100 106
107
120 183
153 136 127  126
Totals
2015 321 325 452 381 405 464 496 301 385 463 446 513
2016 327
501 539
514
474 657
625 451  556  634

Year to date performance

During the first 10 months of 2016 property sales have risen 32% to reach 5,278 compared with 3,993 during the first 10 months of 2015.

Sales have increased in all districts. Sales in Limassol have risen 44% and by 33% in Famagusta, while sales in Larnaca, Nicosia and Paphos have risen by 29%, 26% and 24% respectively.

Domestic property sales

Property sales to the domestic (Cypriot) market in October rose 34% compared to October 2015, with sales reaching 473 compared with 352 in the same month last year.

In percentage terms Limassol led the way with sales rising by 59% compared to October last year, while sales in Famagusta rose by 54%. Meanwhile, domestic sales in Larnaca, Nicosia and Paphos rose by 37%, 17% and 1% 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 70
Famagusta 2015 9 2 16 16 9 30 28 14 25 24 24 41
2016 20 31 21
33
24 7 19 32  22  37
Larnaca 2015 77 49 91 40 45 82 60 62 53 59 81 81
2016 68 96 85
91
93 75 91 67  90  81
Limassol 2015 71 77 147 90 86 100 123 65 81 127 82 123
2016 68 158 145
122
126 162 156 101  142  202
Paphos 2015 39 38 86 64 34 63 83 64 47 92 71 89
2016 61 72 59
65
105 126 74 88  98  83
Totals
2015 235 202 411 284 248 333 350 241 261 352 308 378
2016 260 427 382
380
416
462
434 346  427  473

Year to date performance

Domestic sales during the first ten months of 2016 are up 37% compared with the first nine months of 2015 with sales reaching 4,007 compared with 2,917 during the corresponding period last year.

Sales have risen in all districts. Sales in Limassol have risen by 43%, while sales in Famagusta have risen by 42%. Sales in Paphos, Larnaca and Nicosia have risen by 39%, 35% and 27% respectively.

Overseas property sales

Property sales to the overseas (non-Cypriot) market during October rose 45% compared with October 2015 with 161 properties sold compared with 111 in the same month last year.

During October sales rose in all district compared with October 2015. In percentage terms Nicosia led the way with sales up 150% followed by a 100% increase in Famagusta, while sales in Limassol, Paphos and Larnaca rose by 74%, 23% and 7% 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 8 6 6 10
Famagusta 2015 7 25 1 1 12 3 17 0 5 5 9 1
2016 2 4 12
2
0
27
8 9  10  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  30
Limassol 2015 24 20 13 25 49 35 33 22 33 39 55 46
2016 24 21 52
44
19
60
64 28  53  68
Paphos 2015 35 47 8 30 61 61 57 24 44 35 34 45
2016 20 28 47
42
15
57 79 48  29  43
Totals
2015 86 123 41 97 157 131 146 60 124 111 138 135
2016 67 74 157
134
58
195
191 105  129  161

Year to date performance

During the first ten months of 2016 sales to the overseas market are up 18% compared with the first ten months of 2015 with sales reaching 1,271 compared with 1,076 during the corresponding period last year.

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 (Oct) 1,271 4,007 24.1% 5,278
Totals
58,076 139,944 29.3% 198,020

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