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Small rise in November property sales

There was a small rise in the number of Cyprus property sales in November 2018 compared to November last year according to figures published today by the Department of Lands and Surveys.

Small rise in Cyprus property salesTHE NUMBER of property sales contracts deposited at Land Registry offices across the Republic of Cyprus during November 2018 rose by 2 per cent compared to November 2017 according to official figures published by the Department of Lands and Surveys.

Property sales have been rising for 19 consecutive months and November’s rise of 2% follows rises of 6% in October, 14% in September and 14% in August.

During November a total of 925 contracts for the sale of residential and commercial properties and land (building plots and fields) were deposited at Land Registry offices, compared with the 906 deposited in November 2017.

Of those 925 contracts, 497 (53.7%) were for properties purchased by Cypriots and 428 (46.3%) were for properties purchased by non-Cypriots; 143 by EU citizens and 285 by third country nationals.

The figures show a continuing improvement in the economic conditions, coupled with government incentives designed to boost property sales and drive foreign investment.

Although sales in Famagusta fell by 10% and those in Nicosia and Larnaca each fell by 5% compared with November 2017, they rose by 8% in Paphos and 7% in Limassol.

Total Property Sale Contracts – 2017/2018 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201772
73
79
801181621247687117170306
2018146 96
126
117
153
146
176
91
118
145
161
Famagusta201721
1940
29
3846
5947575152169
201848 52
40
5279
61
61
50
45 5747
Larnaca2017102
100113
69
11996
10388107 111151181
2018112 99
116
83113
133
112
94
121 116143
Limassol2017132
177232
192
298304
289201203306321532
2018225 256
314
246282
338
314
262
251 289344
Paphos201796
87162
136
183235
184160148183212349
2018164 163
172
157201
180
233
156
152 204230
Totals2017423
456626
506
756843
739572 602 768906 1537
2018695 666768 655828858896653687811925

Property sales – year to date

During the first eleven months of 2018 sales have increased by 17% with the number of sale contracts deposited rising to 8,442 compared with the 7,197 deposited during the same period last year.

So far this year sales in Famagusta have risen 29% and sales in Nicosia have risen 27% Meanwhile sales in Limassol, Paphos, and Larnaca have risen 18%, 13% and 7% respectively.

An unknown number of sales resulted from properties acquired by banks as part of loan restructuring agreements, etc. and their subsequent sale.

Although the number of properties acquired and subsequently sold by the banks are not recorded separately, it’s been reported that the Bank of Cyprus’ Real Estate Management Unit (REMU) increased the real estate under management by 1,057 during the first nine months of 2018.

Furthermore, at the end of September 2018, the BoC’s balance sheet had 557 housing properties worth €163 million, 226 offices and other commercial properties worth €221 million, 56 manufacturing units worth €81 million, nine hotels (€37 million), 1,505 plots of land (€585 million), three golf courses (€265 million) and 61 buildings under construction (€78 million).

Overseas property sales

According to the Department’s statistics, a total of 428 property sale contracts were deposited by non-Cypriots during November 2018. Of those 143 (33.4%) were deposited by EU citizens and the remaining 285 (66.6%) by non-EU citizens.

Paphos remains the most popular district with the overseas market with the number of property sales contracts deposited reaching 166, while Limassol recorded 148, Larnaca 50, Famagusta 33 and Nicosia 20.

Overseas Property Sale Contracts – 2018

DistrictSourceJanFebMarAprMayJunJulAugSepOctNovDec
NicosiaEU10 8 910
9
8
11
5
10
8
7
Non-EU10 413
14 915
10 2 11 1113
Total201222241823217211920
FamagustaEU15 248
12 19 16 20 9 0 713
Non-EU36 1014
28 26 18 23 12 24 1420
Total513422 4045344321242133
LarnacaEU9 99
6 920
15 11 15 1311
Non-EU43 4640
36 49 52 56 36 46 5750
Total5255494258727147617061
LimassolEU15 1732
17 19 2225
24 11 2738
Non-EU103 8783
67 94 109 95 64 65 86110
Total118104115 841131311208876113148
PaphosEU41 5855
49 70 60 79 55 49 9174
Non-EU105 9774
87 88 65 92 53 71 8992
Total146155129136158125171108120180166
TotalsEU90 116113
94 126 126 150 104 85 146143
Non-EU 297 244224
232 266 259 276 167 217 257285
TOTAL387360337 326392385426271302403428

During the first eleven months of 2018, a total of 4,017 sales contracts were deposited by overseas buyers, with 1,293 (32.2%) deposited by EU nationals and 2,724 (67.8%) 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

YearOverseas SalesDomestic SalesPercentage
Overseas Sales
Total
Sales
200045012,2143.6%12,664
20011,20712,8498.6%14,056
20022,54814,11115.3%16,659
20033,98115,29420.7%19,275
20045,38411,94731.1%17,331
20056,48510,10639.1%16,591
20068,3558,59849.3%16,953
200711,2819,96453.1%21,245
20086,6368,03145.2%14,667
20091,7616,40921.6%8,170
20102,0306,56823.6%8,598
20111,6525,36623.5%7,018
20121,4764,79323.5%6,269
20131,0172,75027.0%3,767
20141,1933,33426.4%4,527
20151,3493,60327.2%4,952
2016
1,8135,25025.7%7,063
2017
2,4066,32827.5%8,734
2018 (Nov)
4,0174,42547.6%8,442
Totals
65,041151,94030.0%216,981

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