November property sales up 46 per cent

THE 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

sky December 6, 2016 At 12:33

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)
sky December 5, 2016 At 16:05

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.

November property sales up 46 per cent

Year to date performance

Domestic property sales

Year to date performance

Overseas property sales

Year to date performance

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