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18th August 2022
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HomeProperty NewsProperty sales soar (update)

Property sales soar (update)

Cyprus property sales

THE DEPARTMENT of Land and Surveys reported an almost unbelievable 121 per cent rise in the number of property sales contracts deposited at Land Registry offices across Cyprus during December compared with December 2015.

This 121% rise follows a 46% rise in November, a 37% increase in October and a 50% increase in September bringing the annual increase to 43%; the largest year-on-year rise for the past decade.

Of the 1,134 contracts, 780 (69%) were deposited by domestic (Cypriot) purchasers, while 31% (354) were deposited by overseas (non-Cypriot) purchasers.

Part of the increase is probably accounted for by those taking advantage of the concession introduced in 2015 exempting those who bought property by 31st December 2016 from paying Capital Gains Tax regardless of when they sold the property.

However, we also know that an unknown number of these property sales contracts relate to ‘non-sale’ agreements such as loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers.

As the Department of Lands & Surveys does not record these ‘non-sale’ agreements separately, the figures presented do not accurately reflect the real number of property sales.

We can only hope that the Department of Lands & Surveys will amend its statistics to separate actual sale contracts from ‘non-sale’ agreements so that an accurate picture can be presented, which will benefit both the property industry and those who may be considering buying property on the island.

Sales rose in all district compared with December 2015. In percentage terms Nicosia led the way with sales up 156%, followed by Limassol, where sales rose by 156%. Meanwhile, sales in Paphos, Famagusta and Larnaca rose by 137%, 107% and 18% 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 86 144
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 87
Larnaca 2015 90 71 98 67 68 111 95 75 85 87 111 114
2016 78
108 121
127
103 120
123 81  121  111 114 153
Limassol 2015 95 97 160 115 135 135 156 87 114 166 137 169
2016 92
179 197
166
145 222
220 129  195  270 249 432
Paphos 2015 74 85 94 94 95 124 140 88 91 117 105 134
2016 81
100 106
107
120 183
153 136 127  126 183 318
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 1134

Annual performance

During 2016 sales rose by 43% compared with 2015, with sales increasing in all districts. In percentage terms sales in Limassol over the year rose by 59% and in Paphos they rose by 40%. Meanwhile sales in Nicosia, Famagusta and Larnaca rose by 38%, 35% and 27% respectively.

Domestic property sales

Property sales to the domestic (Cypriot) market in December rose 106% compared to December 2015, with sale (and ‘non-sale’) agreements reaching 780 compared with 378 in the same month last year.

Domestic sales rose in all district compared with December 2015. In percentage terms Nicosia led the way with sales up 164%, followed by Limassol, where sales rose by 150%. Meanwhile, sales in Paphos, Famagusta and Larnaca rose by 92%, 76% and 41% 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 73 116
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  72
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  114
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  307
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  171
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  780

Annual performance

During 2016 domestic sales rose 46% compared with 2015, with sales increasing in all districts. In percentage terms sales in Limassol over the year rose by 61% and in Paphos they rose by 46%. Meanwhile sales in Nicosia, Famagusta and Larnaca rose by 38%, 37% and 31% respectively.

Overseas property sales

Property sales to the overseas (non-Cypriot) market, which are unaffected by ‘non-sale’ agreements during December rose 162% compared with December 2015 with 354 properties sold compared with 135 in the same month last year.

Overseas sales rose in all district compared with December 2015. In percentage terms Famagusta led the way with sales up 1400% (having sold just one property in December 2015) followed by Paphos, where sales rose by 227%. Meanwhile, sales in Nicosia, Limassol and Larnaca rose by 180%, 172% and 18% 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 13 28
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  15
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  39
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  125
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  147
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  354

Year to date performance

During 2016 sales to the overseas (non-Cypriot) market were up 34% compared with  2015, with sales reaching 1,813 compared with 1,349.

Sales since 2000

Sales in 2007, immediately before the property bubble burst, reached 21,245. In 2013 sales reached their lowest on record at 3,767. In 2014 sales rose 20% to reach 4,527 and in 2015 they rose 9% to reach 4,952.

In 2016 combined sales and ‘non-sales’’ reached 7,073, slightly more than 2011.

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
1,813 5,250 25.7% 7,063
Totals
58,618 141,187 29.3% 199,805

It appears that a recovery in the property market is underway. But there is still a long way to go before sales reach 12,664; the number sold in the year 2000.

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