THE NUMBER of property sales contracts deposited at Land Registry offices across the Republic of Cyprus during May 2018 rose 23 per cent compared to May 2017 according to official figures published by the Department of Lands and Surveys.
This follows increases of 29% in April, 23% in March and 46% in February.
During May a total of 828 contracts or the sale of residential and commercial properties and land (building plots and fields) were deposited at Land Registry offices across Cyprus, compared with the 758 deposited in May 2017.
Of the 828 contracts deposited, 392 (47.3%) were for properties purchased by non-Cypriots.
The figures show a continuing improvement in the economic conditions, coupled with government measures (such as the citizenship by investment scheme). However, the recent decision by the Council of Ministers to limit the number of citizenship applications to 700 a year may result in a fall in sales to non-EU citizens.
(The figures include an unspecified number of properties acquired by banks as part of loan restructurings.)
While sales in both Larnaca and Limassol fell by 5%, they rose in the remaining districts.
In percentage terms Famagusta led the way with sales rising by 108% followed by Nicosia, where sales rose by 30% and Paphos, where sales rose 10%.
Although the number of sales in Limassol declined 5% in May, it still recorded the highest number of sales during May reaching 282.
Total Property Sale Contracts – 2017/2018 Comparison
Property sales – year to date
During the first five months of 2018 the number of contracts for the sale of property deposited at Land Registry offices has risen 31% to 3,612 compared to the 2,767 deposited during corresponding period of last year.
In percentage terms Famagusta saw the highest increase in the number of sales – up by 84%, followed by Nicosia (the capital) with a 51% increase. Increases of 29%, 28% and 4% were recorded in Paphos, Limassol and Larnaca respectively.
Overseas property sales
The Land Registry figures reveal that a total of 392 property sale contracts were deposited by non-Cypriots during May 2018. Of those 126 were deposited by EU citizens and the remaining 266 by non-EU citizens, but we cannot quantify the number of non-EU citizens who bought property with a view to applying for citizenship.
Paphos remained the most popular district with the overseas market with the number of property sales contracts deposited reaching 158. Limassol recorded 94, Larnaca 58, Famagusta 45 and Nicosia 18.
Overseas Property Sale Contracts – 2018
During the first five months of 2018, a total of 1,802 property sales contracts have been deposited by overseas buyers, with 539 deposited by EU nationals and 1,263 by non-EU nationals.
Paphos maintains its position as the most popular spot for overseas buyers with sale contracts reaching 724, followed by Limassol with 534, Larnaca with 256, Famagusta with 192 and Nicosia with 96.
Cyprus Property Sale Contracts 2000 – 2018
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