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Property sales up 6% in October

The number of property sales in Cyprus continued to rise in October with the number of sales contracts deposited at Land Registry Offices across the Republic up 6 per cent compared with October 2017.

Cyprus property sales up 6% in OctoberDURING October 2018, the number of property sales contracts deposited at Land Registry offices across the Republic of Cyprus rose 6% compared to October 2017 according to official figures published by the Department of Lands and Surveys.

Property sales have been rising for 18 consecutive months and this October rise follows rises of 14% in September, 14% in August and 21% in July.

During October a total of 811 contracts for the sale of residential and commercial properties and land (building plots and fields) were deposited at Land Registry offices, compared with the 768 deposited in October 2017.

Of the 768 contracts deposited, 403 (49.7%) 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 Limassol fell 6% compared with October 2017, they rose in all the other districts. In percentage terms Nicosia led the way with sales rising by 24% followed by Famagusta, where sales rose by 12%. Meanwhile sales in Paphos and Larnaca rose by 11% and 5% respectively.

Total 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
145
Famagusta 2017 21
19 40
29
38 46
59 47 57 51 52 169
2018 48 52
40
52 79
61
61
50
45 57
Larnaca 2017 102
100 113
69
119 96
103 88 107 111 151 181
2018 112 99
116
83 113
133
112
94
121 116
Limassol 2017 132
177 232
192
298 304
289 201 203 306 321 532
2018 225 256
314
246 282
338
314
262
251 289
Paphos 2017 96
87 162
136
183 235
184 160 148 183 212 349
2018 164 163
172
157 201
180
233
156
152 204
Totals 2017 423
456 626
506
756 843
739 572 602 768 906 1537
2018 695 666 768 655 828 858 896 653 687 811

Property sales – year to date

Between January and October 2018 sales have increased by 19% with the number of sale contracts deposited rising to 7,517 compared to 6,291 deposited during the same period last year.

So far this year sales in Famagusta have risen 34% and sales in Nicosia have risen 33% Meanwhile sales in Limassol, Paphos, and Larnaca have risen 20%, 13% and 9% 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 403 property sale contracts were deposited by non-Cypriots during October 2018. Of those 146 were deposited by EU citizens and the remaining 257 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 180. Limassol recorded 113, Larnaca 70, Famagusta 21 and Nicosia 19.

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
8
Non-EU 10 4 13
14 9 15
10 2 11 11
Total 20 12 22 24 18 23 21 7 21 19
Famagusta EU 15 24 8
12 19 16 20 9 0 7
Non-EU 36 10 14
28 26 18 23 12 24 14
Total 51 34 22 40 45 34 43 21 24 21
Larnaca EU 9 9 9
6 9 20
15 11 15 13
Non-EU 43 46 40
36 49 52 56 36 46 57
Total 52 55 49 42 58 72 71 47 61 70
Limassol EU 15 17 32
17 19 22 25
24 11 27
Non-EU 103 87 83
67 94 109 95 64 65 86
Total 118 104 115 84 113 131 120 88 76 113
Paphos EU 41 58 55
49 70 60 79 55 49 91
Non-EU 105 97 74
87 88 65 92 53 71 89
Total 146 155 129 136 158 125 171 108 120 180
Totals EU 90 116 113
94 126 126 150 104 85 146
Non-EU 297 244 224
232 266 259 276 167 217 257
TOTAL 387 360 337 326 392 385 426 271 302 403

During the first ten months of 2018, a total of 3,589 sales contracts were deposited by overseas buyers, with 1,150 deposited by EU nationals and 2,439 by non-EU nationals.

Limassol remains 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 (Oct)
3,589 3,928 47.7% 7,517
Totals
64,613 151,443 29.9% 216,056

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