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18th August 2022
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HomeProperty NewsProperty sales improve in March

Property sales improve in March

Cyprus property sales improve in March THE NUMBER of property sales in Cyprus during March rose 16 per cent compared to March 2016 according to official statistics published by the Department of Lands and Surveys.

During March a total of 626 contracts for the sale of residential and commercial properties and land (building plots and fields) were deposited at Land Registry offices across Cyprus, compared with the 539 deposited in March 2016.

Of those 626 contracts, 440 (70%) were deposited by Cypriot purchasers and 186 (30%) were deposited by overseas purchasers.

Although the number of sales contracts in Larnaca and Nicosia fell by 7% and 4% respectively, they rose in the remaining three districts.

Paphos lead the way with sales up 53% compared to March 2016, while sales in Famagusta and Limassol were up 21% and 18% respectively.

Total Property Sale Contracts – 2016/2017 Comparison

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2016 54
79
82
79 82 98 102 64 81 80 86 144
2017 72 73 79
Famagusta 2016 22
35 33
35
24 34
27 41 32 47 19 87
2017 21  19 40
Larnaca 2016 78
108 121
127
103 120
123 81 121 111 114 153
2017 102  100 113
Limassol 2016 92
179 197
166
145 222
220 129 195 270 249 432
2017 132  177 232
Paphos 2016 81
100 106
107
120 183
153 136 127 126 183 318
2017 96  87 162
Totals 2016 327
501 539
514
474 657
625 451 556 634 651 1134
2017 423  456 626

During the first quarter of 2017, sales contracts have risen 10% compared with the first quarter of 2016.

(An unknown number of 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. These contracts inflate the total figures above and the domestic sales figures below.)

Domestic property sales

Property sales to the domestic (Cypriot) in March rose 15% compared to March 2016 with sales rising in all districts with the exception of Larnaca, where sales remained steady.

Paphos lead the way with sales up 39% compared to March 2016, followed by Limassol (+21%), Famagusta (+14% and Nicosia (+1%).

Domestic Property Sale Contracts – 2016/2017 Comparison

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2016 43
70
10
69 68 92 94 58 75 70 73 116
2017 63 69
                   
Famagusta 2016 20 31 21
33
24 7 19 32  22  37 9  72
2017  20  17                    
Larnaca 2016 68 96 85
91
93 75 91 67  90  81 74  114
2017  77  80                    
Limassol 2016 68 158 145
122
126 162 156 101  142  202 196  307
2017  97  130                    
Paphos 2016 61 72 59
65
105 126 74 88  98  83 111  171
2017  73  47                    
Totals 2016 260 427 382
380
416
462
434 346  427  473 463  780
2017  330  343                    

During the first quarter of 2017, domestic have risen 4% compared with the first quarter of 2016 to reach a total of 1,440.

Overseas property sales

Property sales to the overseas (non-Cypriot) market during March 2017 rose 18% compared to the same month last year with 186 contracts of sale deposited compared with 157 in March 2016.

Although sales in Nicosia and Larnaca fell by 40% and 22% respectively, these falls were more than outweighed by a 78% increase in Paphos, a 33% increase in Famagusta and an 8% increase in Limassol.

Overseas Property Sale Contracts – 2016/2017 Comparison

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2016 11
9
10
10 14 6 8 6 6 10 13 28
2017 9
4
6
Famagusta 2016 2 4 12
2
0
27
8 9 10 10 10 15
2017 1 2 16
Larnaca 2016 10 12 36
36
10
45
32 14 31 30 40 39
2017 25 20 28
Limassol 2016 24 21 52
44
19
60
64 28 53 68 53 125
2017 35 47 56
Paphos 2016 20 28 47
42
15
57 79 48 29 43 72 147
2017 23 40 80
Totals 2016 67 74 157
134
58
195
191 105 129 161 188 354
2017 93 113 186

During the first quarter of 2017, property sales to the overseas market have risen 32% compared with the first quarter of 2016 to reach a total of 392.

Cyprus Property Sale Contracts 2000 – 2017

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
2017 (March) 392 1,113 26.0% 1,505
Totals
59,010 142,300 29.3% 201,310

 

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