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Sunday 6th December 2020
Home Property Sales November property sales up 46 per cent

November property sales up 46 per cent

Cyprus property salesTHE DEPARTMENT of Lands and Surveys reported a 46 per cent increase in property sales during November compared with November 2015.

During November a total of 651 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  446 deposited in November last year.

November’s increase follows a 37% increase in October, a 50% increase in September, and a 50% increase in August.

Of those 651 contracts, 463 (71%) were deposited by domestic (Cypriot) purchasers, while 29% (188) were deposited by overseas (non-Cypriot) purchasers.

With the exception of Famagusta, where sales fell 42%, sales rose in all district compared with November 2015. In percentage terms Limassol led the way with sales up 82%, followed by Famagusta, where dales rose by 74%. Meanwhile, sales in Nicosia and Larnaca rose by 43% 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 98 102 64 81 80 86
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 19
Larnaca 2015 90 71 98 67 68 111 95 75 85 87 111 114
2016 78
108 121
127
103 120
123 81  121  111 114
Limassol 2015 95 97 160 115 135 135 156 87 114 166 137 169
2016 92
179 197
166
145 222
220 129  195  270 249
Paphos 2015 74 85 94 94 95 124 140 88 91 117 105 134
2016 81
100 106
107
120 183
153 136 127  126 183
Totals
2015 321 325 452 381 405 464 496 301 385 463 446 513
2016 327
501 539
514
474 657
625 451  556  634 651

Year to date performance

During the first 11 months of 2016 property sales have risen 34% to reach 5,929 compared with 4,439 during the first 11 months of 2015.

Sales have increased in all districts. Sales in Limassol have risen 48% and by 28% in Famagusta, Nicosia and Paphos. Meanwhile, sales in Larnaca have risen by 24%.

Domestic property sales

Property sales to the domestic (Cypriot) market in November rose 50% compared to November 2015, with sales reaching 463 compared with 308 in the same month last year.

While domestic sales in Famagusta and Larnaca fell by 63% and 9% respectively compared to November last year, they rose in the remaining three districts.

Sales in Limassol rose 139%, sales in Paphos were up 56% and sales in Nicosia rose 46%.

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 73
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 9
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 74
Limassol 2015 71 77 147 90 86 100 123 65 81 127 82 123
2016 68 158 145
122
126 162 156 101  142  202 196
Paphos 2015 39 38 86 64 34 63 83 64 47 92 71 89
2016 61 72 59
65
105 126 74 88  98  83 111
Totals
2015 235 202 411 284 248 333 350 241 261 352 308 378
2016 260 427 382
380
416
462
434 346  427  473 463

Year to date performance

Domestic sales during the first eleven months of 2016 are up 39% compared with the first eleven months of 2015 with sales reaching 4,470 compared with 3,225 during the corresponding period last year.

Sales have risen in all districts. Sales in Limassol have risen by 50%, while sales in Paphos have risen by 40%. Sales in Larnaca have risen 30% while sales in both Nicosia and Famagusta are up 29%.

Overseas property sales

Property sales to the overseas (non-Cypriot) market during November rose 31% compared with November 2015 with 188 properties sold compared with 138 in the same month last year.

With the exception of Famagusta, where sales fell 42% compared with November last year, they rose in all other districts.

Sales in Limassol rose 82%, while those in Paphos, Nicosia and Larnaca rose by 74%, 43% and 3% respectively compared with November 2015.

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 13
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  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  40
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  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  43  72
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  188

Year to date performance

During the first eleven months of 2016 sales to the overseas (non-Cypriot) market are up 20% compared with the first eleven months of 2015 with sales reaching 1,459 compared with 1,214 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 (Nov) 1,459 4,470 24.6% 5,929
Totals
58,264 140,407 29.3% 198,671

2 COMMENTS

  1. I’ve got the answer to my question in Cyprus Mail:

    “The increase in property transactions this year includes assets acquired by banks as part of restructuring agreements with borrowers”

    So this is consistent with the number of NPLs… Problem is that those properties are still on the market, and banks (for what I’ve seen till now) are not ready (or willing) to sell them at realistic prices (let alone give away prices.

    I think that the point for the banks is to hold on those properties so as not to overflow the market with properties and, doing this, to artificially raise the real estate prices, and thus the value of their non-stop growing real estate portfolio (less supply = price increase)

  2. Strange paradox…How can the domestic sales increase so much in a country where more than 50% of people can’t repay their real estate loan…??

Comments are closed.

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