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Tuesday 22nd June 2021
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HomeProperty NewsSeptember property sales up 8 per cent

September property sales up 8 per cent

Cyprus property sales up 8 per cent in SeptemberTHE NUMBER of property sales in Cyprus during September rose 18 per cent compared to September 2016 according to official statistics published by the Department of Lands and Surveys earlier today.

This rise follows a 27% increase in August, an 18% increase in July, and a 28% increase in June.

During September a total of 602 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 556 deposited in September 2016.

Of those 602 contracts, 441 (70%) were deposited by Cypriot purchasers and 161 (30%) were deposited by overseas purchasers.

Although sales in Larnaca fell by 12% compared with September 2016, they rose in the remaining four districts.

Sales in Famagusta rose 78%, while sales in Paphos rose by 17%. Meanwhile sales in Nicosia and Limassol rose by 7% and 4% 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 80 118 162 124 76 87
Famagusta 2016 22
35 33
35
24 34
27 41 32 47 19 87
2017 21 19 40 29 38 46 59 47 57
Larnaca 2016 78
108 121
127
103 120
123 81 121 111 114 153
2017 102 100 113 69 119 96 103 88 107
Limassol 2016 92
179 197
166
145 222
220 129 195 270 249 432
2017 132 177 232 192 298 304 289 201 203
Paphos 2016 81
100 106
107
120 183
153 136 127 126 183 318
2017 96 87 162 136 183 235 184 160 148
Totals 2016 327
501 539
514
474 657
625 451 556 634 651 1,134
2017 423 456 626 506 756 843 739 572 602

During the first nine months of 2017, sales contracts have risen 19% 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 September rose 3% compared to September 2016.

Although sales in Larnaca and Nicosia fell by 19% and 4% respectively, they rose by 95% in Larnaca, 8% in Limassol and by 2% in Paphos.

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
70
72
Famagusta 2016 20 31 21
33
24 7 19 32 22 37 9 72
2017 20 17 24 23 27
31 30
25
43
Larnaca 2016 68 96 85
91
93 75 91 67 90 81 74 114
2017 77 80 85 49 76
70 62
63
73
Limassol 2016 68 158 145
122
126 162 156 101 142 202 196 307
2017 97 130 176 152 202
227 194
160
153
Paphos 2016 61 72 59
65
105 126 74 88 98 83 111 171
2017 73 47 82 93 88
157 93
81
100
Totals 2016 260 427 382
380
416
462
434 346 427 473 463 780
2017 330 343 438
379 496
636 488
399
441

During the first nine months of 2017, domestic sales contracts have risen 12% compared to the same period last year.

Overseas property sales

Property sales to the overseas (non-Cypriot) market during September 2017 rose 25% compared to the same month last year with 161 contracts of sale deposited compared with 129 in September 2016.

With the exception of Limassol, where sales fell 6%, they rose in all the other districts.

Nicosia led the way with the number of property sale contracts deposited rose 15% compared with September 2016. Meanwhile, sales in Paphos rose 66% and by 40% in Famagusta and by 10% in Larnaca.

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 6 15
Famagusta 2016 2 4 12
2
0
27
8 9 10 10 10 15
2017 1 2 16 6 11 15 29 22 14
Larnaca 2016 10 12 36
36
10
45
32 14 31 30 40 39
2017 25 20 28 20 43 26 41 25 34
Limassol 2016 24 21 52
44
19
60
64 28 53 68 53 125
2017 35 47 56 40 96 77 75 41 50
Paphos 2016 20 28 47
42
15
57 79 48 29 43 72 147
2017 23 40 80 43 95 78 91 79 48
Totals 2016 67 74 157
134
58
195
191 105 129 161 188 354
2017 93 113 186 127 260 208 251 173 161

During the first nine months of 2017, property sales to the overseas market have risen 42% compared with the same period last year reaching a total of 1,574.

(During September a total of 121 properties were transferred to overseas buyers bringing the total number of transfers for the year to date to 739.)

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 (Sept) 1,574 3,949 28.5% 5,523
Totals
60,192 145,138 29.3% 205,328

 

3 COMMENTS

  1. Re Robert B below.

    I reckon we – most of us – know the weaknesses in both property construction across the island, and the proper delivery to purchasers of clean Title Deeds, will it have changed with these Up-scale multi-storey developments – probably not?

  2. Will these film star “coastal High Rise Properties,” / grossly overpriced concrete boxes with poor insulation etc, have full & clean Title Deeds with no problems at point of sale / exchange of contracts?

  3. An interesting and overall maybe encouraging plethora of statistics, for sure – and perhaps “Reasons to be Cheerful” ….?
    .
    But I – and others I know ! – sense Cyprus property may soon be heading for the top (Boom!) of the often-discussed ‘Boom and Bust’ scenarios seen in many countries at different times (from the little old Republic of Ireland to the U S of A…amongst many other examples.. )

    Here, you only have to see the increasing numbers of coastal High-Rise properties being frantically built, especially along the Limassol ‘strips’, most close to, or with good views of – the sea, stimulated very probably by the ‘attractive’ ‘Cyprus < EU Passports being made available for those 'non EU' wealthies buying £500k+ properties and above, and many it seems also Depositing €1m upwards in Cyprus banks – a 'scheme' successfully used elsewhere. But the Cyprus version, we are told, already under surveillance it seems from Brussels and the IMF.

    Boom yes BUT…..

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