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Rise in overseas property sales continues

Rise in overseas property sales continuesAUGUST saw the number of overseas property sales in Cyprus rise by 65 per cent compared to August 2016 according to official figures published by the Department of Lands and Surveys.

Of the 572 contracts for the sale of immovable property that were deposited at Land Registry offices across Cyprus in August, 399 (69.8%) were deposited by Cypriot purchasers and 173 (30.2%) were deposited by overseas property purchasers.

Overseas property sales

With the exception of Nicosia, where sales were almost the same as August 2016, sales rose in all districts. In percentage terms, Famagusta lead the way with sales increasing by 144%, while in Larnaca, Paphos and Limassol rose by 79%, 65% and 46% respectively.

Overseas Property Sale Contracts – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201611
9
10
10 14686 6101328
20179
4
6
181512 156
Famagusta20162 412
2
0
27
89 10 10 10 15
2017 1 2 16611152922
Larnaca201610 1236
36
10
45
3214 31 30 40 39
2017 25 20 282043264125
Limassol201624 2152
44
19
60
6428 53 68 53 125
2017 35 47 564096777541
Paphos201620 2847
42
15
577948 29 43 72 147
2017 23 40 804395789179
Totals201667 74157
134
58
195
191105 129 161 188 354
2017 93 113 186127260 208251 173

During the first eight months of 2017, property sales to the overseas market have risen 44% compared with the same period last year to reach a total of 1,413.

(During August Title Deeds for 75 properties were transferred to overseas buyers bringing the total number of transfers for the year to date to 618.)

Domestic property sales

Sales of Cyprus property to the domestic market in August rose by 15% compared to August 2016.

Although sales in Famagusta, Paphos and Larnaca fell by 22%, 8% and 6% respectively, these falls were outweighed by increased sales in Limassol (58%) and Nicosia (21%).

Domestic Property Sale Contracts – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201643
70
10
6968929458757073116
201763 69
71
62
103
150
109
70
Famagusta2016203121
33
24 71932 22 379 72
2017 20 17 24 2327
3130
25
Larnaca2016689685
91
93 759167 90 8174 114
2017 77 80 85 4976
7062
63
Limassol201668158145
122
126 162156101 142 202196 307
2017 97 130 176 152202
227194
160
Paphos2016617259
65
105 1267488 98 83111 171
2017 73 47 82 9388
15793
81
Totals2016260427382
380
416
462
434346 427 473463 780
2017 330 343438
379496
636488
399

During the first eight months of 2017 property sales to the domestic market have risen 13% compared with the same period last year to reach a total of 3,508. However an unknown number of these relate to properties acquired by the banks as part of loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers.

Cyprus Property Sale Contracts 2000 – 2017

YearOverseas SalesDomestic SalesPercentage
Overseas Sales
Total
Sales
200045012,2143.6%12,664
20011,20712,8498.6%14,056
20022,54814,11115.3%16,659
20033,98115,29420.7%19,275
20045,38411,94731.1%17,331
20056,48510,10639.1%16,591
20068,3558,59849.3%16,953
200711,2819,96453.1%21,245
20086,6368,03145.2%14,667
20091,7616,40921.6%8,170
20102,0306,56823.6%8,598
20111,6525,36623.5%7,018
20121,4764,79323.5%6,269
20131,0172,75027.0%3,767
20141,1933,33426.4%4,527
20151,3493,60327.2%4,952
2016
1,8135,25025.7%7,063
2017 (Aug)1,4133,50828.7%4,921
Totals
60,031144,69529.3%204,726