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Friday 10th July 2020
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Strong surge in Cyprus property sales

Strong surge in Cyprus property salesTHE DEPARTMENT of Land and Surveys reported a 59 percent increase in in the number of property sales contracts deposited at Land Registry offices during May compared with May 2016, according to official figures from the Department of Lands and Surveys.

During May a total of 756 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 474 deposited in May 2016.

Some of this rise may be accounted for by a rush to buy before VAT is imposed on commercial sales of land.

We are also aware 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.

Sales rose in all district compared with May. In percentage terms Limassol led the way with sales up 106%, followed by Famagusta, where sales rose by 58%. Meanwhile, sales in Paphos, Nicosia and Larnaca rose by 53%, 44% and 16% respectively.

Total Property Sale Contracts – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201654
79
82
79829810264818086144
201772737980118
Famagusta201622
3533
35
2434
2741 32 471987
201721 19402938
Larnaca201678
108121
127
103120
12381 121 111114153
2017102 10011369119
Limassol201692
179197
166
145222
220129 195 270249432
2017132 177232192298
Paphos201681
100106
107
120183
153136127 126183318
201796 87162136183
Totals2016327
501539
514
474657
625451 556 634651 1134
2017423  456626 506 756

During the first five months of 2016, property sales rose 17% compared with the same period in 2016.

2 COMMENTS

  1. @ Deanna,

    You mean increasing the NPL in the future?

    There is no evidence to show the developers are paying off the bank loans, more like spending the money as it comes in. We have increased tourism, but I see there was a three hour strike at one hotel because the workers haven’t been paid for months.

Comments are closed.

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