Cyprus Property News magazine for overseas buyers & real estate investors

Tuesday 20th October 2020
Home Property Sales Slight fall in property sales (Update)

Slight fall in property sales (Update)

Cyprus property salesCYPRUS property sales fell 2 per cent in April 2017 compared to April last year according to the official statistics published by the Department of Lands and Surveys.

During April a total of 506 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 514 in April 2016.

Of those 506 contracts, 379 (70%) were deposited by Cypriot purchasers and 127 (30%) were deposited by overseas purchasers.

Although property sales rose in Paphos, Limassol and Nicosia rose by 27%, 16% and 1% respectively, sales fell by 46% in Larnaca and 17% in Famagusta.

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 80
Famagusta 2016 22
35 33
35
24 34
27 41 32 47 19 87
2017 21  19 40 29
Larnaca 2016 78
108 121
127
103 120
123 81 121 111 114 153
2017 102  100 113 69
Limassol 2016 92
179 197
166
145 222
220 129 195 270 249 432
2017 132  177 232 192
Paphos 2016 81
100 106
107
120 183
153 136 127 126 183 318
2017 96  87 162 136
Totals 2016 327
501 539
514
474 657
625 451 556 634 651 1134
2017 423  456 626 506

During the first four months of this year sales are up 7% compared with the same period last year. But while sales in Paphos, Limassol and Nicosia have risen by 22%, 16% and 3% respectively, they have fallen by 13% in Famagusta and by 12% in Larnaca.

Domestic property sales

Property sales to the Cypriot market in April remained almost steady with one fewer property sold compared to April 2016.

Sales in Larnaca, Famagusta and Nicosia fell by 46%, 30% and 10% respectively. Meanwhile sales in Paphos rose by 43% and sales in Limassol rose by 25%.

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
71
62
               
Famagusta 2016 20 31 21
33
24 7 19 32  22  37 9  72
2017  20  17  24  23                
Larnaca 2016 68 96 85
91
93 75 91 67  90  81 74  114
2017  77  80  85  49                
Limassol 2016 68 158 145
122
126 162 156 101  142  202 196  307
2017  97  130  176  152                
Paphos 2016 61 72 59
65
105 126 74 88  98  83 111  171
2017  73  47  82  93                
Totals 2016 260 427 382
380
416
462
434 346  427  473 463  780
2017  330  343 438
 379                

During the first four months of this year domestic sales are up 3% compared with the same period last year. But while sales in Paphos, Limassol and Nicosia have risen by 15%, 14% and 4% respectively, they have fallen by 20% in Famagusta and by 14% in Larnaca.

Overseas property sales

Property sales to the overseas (non-Cypriot) market during April 2017 fell 5% compared to the same month last year with 127 contracts of sale deposited compared with 134 in April 2016.

Although sales in Larnaca and Limassol fell by 44% and 9% respectively, these falls were more than outweighed by a 200% increase in Famagusta (from a very low base), an 80% increase in Larnaca and a 2% increase in Paphos.

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
18
Famagusta 2016 2 4 12
2
0
27
8 9 10 10 10 15
2017 1 2 16  6
Larnaca 2016 10 12 36
36
10
45
32 14 31 30 40 39
2017 25 20 28  20
Limassol 2016 24 21 52
44
19
60
64 28 53 68 53 125
2017 35 47 56  40
Paphos 2016 20 28 47
42
15
57 79 48 29 43 72 147
2017 23 40 80  43
Totals 2016 67 74 157
134
58
195
191 105 129 161 188 354
2017 93 113 186  127

During the first four months of this year sales to the overseas market are up 21% compared with the same period last year. But while sales in Paphos, Limassol and Famagusta have risen by 36%, 26% and 25% respectively, they have fallen by 3% in Nicosia and by 1% in Larnaca.

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 (April) 521 1,490 25.9% 2,011
Totals
59,139 142,677 29.3% 201,816

 

1 COMMENT

  1. Property falling 2% is insignificant. I think the stats are wrong and if they not, then good luck to the Chinese and the Golden Visa buttered scheme from Ali baba and the forty Cypriot thieves.

    Buying property or even bringing in foreign money into Cyprus is not only a huge risk but a definite disaster.

    The Government says…bring your money buy a home and live and work with us. What a lot of scandalous rubbish. We also brought our money to Cyprus in 2013 to buy a home and retire!!!!

    Guess what? The government took it to bail themselves out of the European debt so no money no home. All the while the politicians and their siblings were taking millions out to other countries a few days before the crash.

    All foreigners should stay away from Cyprus. You better off funding the Mafia, as they have more dignity.

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