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Tuesday 20th October 2020
Home Property Sales Continuing rise in property sales (Update)

Continuing rise in property sales (Update)

Cyprus property sales continue to riseDURING September 2018, the number of property sales contracts deposited at Land Registry offices across the Republic of Cyprus rose 14% compared to September 2017 according to official figures published earlier today by the Department of Lands and Surveys.

Property sales have been rising for 17 consecutive months and this September rise follows a rise of 14% in August, 21% in July and 2% in June.

During September a total of 687 contracts for the sale of residential and commercial properties and land (building plots and fields) were deposited at Land Registry offices, compared with the 602 deposited in September 2017.

Of the 687 contracts deposited, 302 (44.0%) 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 (aka ‘Passports for Cash’ scheme.)

Although sales in Famagusta fell 21% compared with September 2017, they rose in all the other districts. In percentage terms Nicosia led the way with sales rising by 36% followed by Limassol, where sales rose by 24%, while sales in Larnaca and Paphos rose by 13% and 3% respectively.

Property Sale Contracts – 2017/2018 Comparison

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2017 72
73
79
80 118 162 124 76 87 117 170 306
2018 146 96
126
117
153
146
176
91
118
Famagusta 2017 21
19 40
29
38 46
59 47 57 51 52 169
2018 48 52
40
52 79
61
61
50
45
Larnaca 2017 102
100 113
69
119 96
103 88 107 111 151 181
2018 112 99
116
83 113
133
112
94
121
Limassol 2017 132
177 232
192
298 304
289 201 203 306 321 532
2018 225 256
314
246 282
338
314
262
251
Paphos 2017 96
87 162
136
183 235
184 160 148 183 212 349
2018 164 163
172
157 201
180
233
156
152
Totals 2017 423
456 626
506
756 843
739 572 602 768 906 1537
2018 695 666 768 655 828 858 896 653 687

Property sales – year to date

Between January and September 2018 sales have increased by 21% with the number of sale contracts deposited rising to 6,706 compared to 5,523 deposited during the same period last year.

So far this year sales in Famagusta have risen 37% and sales in Nicosia have risen 34%, while sales in Limassol, Paphos, and Larnaca have risen 24%, 13% and 10% respectively.

(The sales figures include an unknown number of properties acquired by banks as part of loan restructurings, etc.)

Overseas property sales

The Land Registry figures reveal that a total of 302 property sale contracts were deposited by non-Cypriots during August 2018. Of those 85 were deposited by EU citizens and the remaining 217 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 120. Limassol recorded 76, Larnaca 61, Famagusta 24 and Nicosia 21.

Overseas Property Sale Contracts – 2018

District Source Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia EU 10 8 9 10
9
8
11
5
10
     
Non-EU 10  4 13
 14  9 15
 10  2  11      
Total 20 12 22  24 18 23 21 7 21
Famagusta EU 15  24 8
 12  19  16  20  9  0      
Non-EU 36  10 14
 28  26  18  23  12  24      
Total 51 34 22  40 45 34 43 21 24
Larnaca EU 9  9 9
 6  9 20
 15  11  15      
Non-EU 43  46 40
 36  49  52  56  36  46      
Total 52 55 49  42 58 72 71 47 61
Limassol EU 15  17 32
 17  19  22 25
 24  11      
Non-EU 103  87 83
 67  94  109  95  64  65      
Total 118 104 115  84 113 131 120 88 76
Paphos EU 41  58 55
 49  70  60  79  55  49      
Non-EU 105  97 74
 87  88  65  92  53  71      
Total 146 155 129  136 158 125 171 108 120
Totals EU 90  116 113
 94  126  126  150  104  85      
Non-EU  297  244 224
 232  266  259  276  167  217      
TOTAL 387 360 337  326 392 385 426 271 302

During the first nine months of 2018, a total of 3,186 sales contracts were deposited by overseas buyers, with 1,004 deposited by EU nationals and 2,182 by non-EU nationals.

Limassol is the most popular place for non-EU citizens, while Paphos is favoured by the majority of EU citizens.

Cyprus Property Sale Contracts 2000 – 2018

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
2,406 6,328 27.5% 8,734
2018 (Sept)
 3,186  3,520 47.5%  6,706
Totals
64,210 151,035 29.8% 215,245

CYPRUS WEATHER FORECAST

EURO EXCHANGE RATES

EUR - Euro Member Countries
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RUB
0.0109
CNY
0.1272
CHF
0.9334

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