Cyprus Property News for home buyers & real estate investors in Cyprus

4th December 2021
Cyprus Property News logo
HomeProperty NewsCyprus property sales up 21% in October

Cyprus property sales up 21% in October

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

This rise follows a rise of 8% in September, a 27% rise in August and an 18% rise in July.

During October a total of 768 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 634 deposited in October 2016.

Although sales remained steady in Larnaca, they rose in all other districts. Nicosia led the way with sales up by 46% and was closely followed by Paphos, where sales rose by 45%. Meanwhile sales in Limassol and Famagusta rose by 9% 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 87 117
Famagusta 2016 22
35 33
35
24 34
27 41 32 47 19 87
2017 21 19 40 29 38 46 59 47 57 51
Larnaca 2016 78
108 121
127
103 120
123 81 121 111 114 153
2017 102 100 113 69 119 96 103 88 107 111
Limassol 2016 92
179 197
166
145 222
220 129 195 270 249 432
2017 132 177 232 192 298 304 289 201 203 306
Paphos 2016 81
100 106
107
120 183
153 136 127 126 183 318
2017 96 87 162 136 183 235 184 160 148 183
Totals 2016 327
501 539
514
474 657
625 451 556 634 651 1,134
2017 423 456 626 506 756 843 739 572 602 768

In January to October the number of contracts for the sale of property deposited at Land Registry offices has risen 19% to 6,291 compared to the same period last year. Although sales in Larnaca have fallen by 8%, they have improved significantly in the other districts.

Sales in both Limassol and Paphos have risen by 27%, while sales in both Nicosia and Famagusta have risen by 23%.

Property sales have been encouraged by the reduction in Property Transfer Fees, the abolition of Immovable Property Tax. Non-EU citizens wishing to obtain residency or a Cypriot passport are taking advantage of two government schemes.

(The figures above include ‘non-sale’ agreements such as loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers.)

4 COMMENTS

  1. Nigel, can you “guesstimate” how many are actual sales and how many restructuring? Is it like half-half?

    Ed: I haven’t any idea how many sales are restructurings, etc. But I’m certain it isn’t as big as a half. None of the sales to overseas buyers are restructurings, so these will be reliable. (Last month’s figures have yet to be published.)

  2. Would be nice if the government gave us a breakdown in % of new sales as against arrangements related to NPLs. How many of these ‘sales’ are actual, new sales?

    Ed: Unfortunately the statistics provided by the Department of Lands & Surveys do not give a breakdown of how may contracts relate to ‘new’ sales and how many relate to loan restructurings, recoveries and debt-to-asset swaps.

  3. What exactly ARE the rules and exemptions regarding CGT on sale of a property?
    Also what are the rules about lifetime allowances against CGT for married couples?

    Ed: You’ll find a guide to Capital Gains Tax on pages 32 – 34 of the PWC document ‘Tax Facts & Figures 2017 – Cyprus‘.

Comments are closed.

Sign up to receive our free Cyprus property newsletter

We guarantee that we do not spam and will not divulge your email address to any third party.

Read our privacy policy for more information.

Cyprus property transfer fees

Property capital gains tax (CGT) calculator

EUR - Euro Member Countries
GBP
1.1696
RUB
0.0119
CNY
0.1386
CHF
0.9633

Top Stories