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3rd December 2021
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HomeProperty NewsCyprus property sales up 18% in July

Cyprus property sales up 18% in July

Cyprus property salesTHE NUMBER of property sales in Cyprus during July rose 18 per cent compared to July 2016 according to official statistics published by the Department of Lands and Surveys earlier today.

This rise follows a 28% increase in June, a 59% increase in May and a fall of 2% in April.

During July a total of 739 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 625 deposited in July 2016.

Of those 739 contracts, 488 (66%) were deposited by Cypriot purchasers and 251 (34%) were deposited by overseas purchasers. (This is a sharp rise in the number of overseas purchasers that usually average in the region of 27%).

Although the number of sales contracts in Larnaca fell by 16% compared with July 2016, they rose in the remaining four districts.

Sales in Famagusta rose 119%, while sales in both Nicosia and Limassol rose 22%, while sales in Paphos rose 20%.

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 80 118 162 124
Famagusta 2016 22
35 33
35
24 34
27 41 32 47 19 87
2017 21 19 40 29 38 46 59
Larnaca 2016 78
108 121
127
103 120
123 81 121 111 114 153
2017 102 100 113 69 119 96 103
Limassol 2016 92
179 197
166
145 222
220 129 195 270 249 432
2017 132 177 232 192 298 304 289
Paphos 2016 81
100 106
107
120 183
153 136 127 126 183 318
2017 96 87 162 136 183 235 184
Totals 2016 327
501 539
514
474 657
625 451 556 634 651 1,134
2017 423 456 626 506 756 843 739

During the first seven months of 2017, sales contracts have risen 20% compared to the same period last year.

(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 July rose 12% compared to July 2016 with sales rising in all districts with the exception of Larnaca, where sales fell 32%.

Famagusta lead the way with sales up 58% compared to July 2016, followed by Paphos (+26%), Paphos (+26%) and Limassol (+24%). Famagusta is popular with those living in Nicosia looking for a second home.

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
103
150
109
Famagusta 2016 20 31 21
33
24 7 19 32 22 37 9 72
2017 20 17 24 23 27
31 30
Larnaca 2016 68 96 85
91
93 75 91 67 90 81 74 114
2017 77 80 85 49 76
70 62
Limassol 2016 68 158 145
122
126 162 156 101 142 202 196 307
2017 97 130 176 152 202
227 194
Paphos 2016 61 72 59
65
105 126 74 88 98 83 111 171
2017 73 47 82 93 88
157 93
Totals 2016 260 427 382
380
416
462
434 346 427 473 463 780
2017 330 343 438
379 496
636 488

During the first seven months of 2017, domestic have risen 13% compared to the same period last year reaching a total of 3,109.

Overseas property sales

Property sales to the overseas (non-Cypriot) market during July 2017 rose 31% compared to the same month last year with 251 contracts of sale deposited compared with 191 in July 2016.

Sales rose in all districts with Famagusta leading the way where they increased by 263%. Sales in Nicosia rose 88%, while those in Larnaca, Limassol and Paphos rose by 28%, 17% and 15% respectively.

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 15 12 15
Famagusta 2016 2 4 12
2
0
27
8 9 10 10 10 15
2017 1 2 16 6 11 15 29
Larnaca 2016 10 12 36
36
10
45
32 14 31 30 40 39
2017 25 20 28 20 43 26 41
Limassol 2016 24 21 52
44
19
60
64 28 53 68 53 125
2017 35 47 56 40 96 77 75
Paphos 2016 20 28 47
42
15
57 79 48 29 43 72 147
2017 23 40 80 43 95 78 91
Totals 2016 67 74 157
134
58
195
191 105 129 161 188 354
2017 93 113 186 127 260 208 251

During the first seven months of 2017, property sales to the overseas market have risen 42% compared with the same period last year reaching a total of 1,240.

(During July a total of 87 properties were transferred to overseas buyers bringing the total number of transfers for the year to date to 543.)

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 (Jul) 1,240 3,109 28.5% 4,349
Totals
59,858 144,296 29.3% 204,154

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