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Wednesday 2nd December 2020
Home Property Sales Small rise in November property sales

Small rise in November property sales

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

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
161
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 47
Larnaca 2017 102
100 113
69
119 96
103 88 107 111 151 181
2018 112 99
116
83 113
133
112
94
121 116 143
Limassol 2017 132
177 232
192
298 304
289 201 203 306 321 532
2018 225 256
314
246 282
338
314
262
251 289 344
Paphos 2017 96
87 162
136
183 235
184 160 148 183 212 349
2018 164 163
172
157 201
180
233
156
152 204 230
Totals 2017 423
456 626
506
756 843
739 572 602 768 906 1537
2018 695 666 768 655 828 858 896 653 687 811 925

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

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
7
Non-EU 10 4 13
14 9 15
10 2 11 11 13
Total 20 12 22 24 18 23 21 7 21 19 20
Famagusta EU 15 24 8
12 19 16 20 9 0 7 13
Non-EU 36 10 14
28 26 18 23 12 24 14 20
Total 51 34 22 40 45 34 43 21 24 21 33
Larnaca EU 9 9 9
6 9 20
15 11 15 13 11
Non-EU 43 46 40
36 49 52 56 36 46 57 50
Total 52 55 49 42 58 72 71 47 61 70 61
Limassol EU 15 17 32
17 19 22 25
24 11 27 38
Non-EU 103 87 83
67 94 109 95 64 65 86 110
Total 118 104 115 84 113 131 120 88 76 113 148
Paphos EU 41 58 55
49 70 60 79 55 49 91 74
Non-EU 105 97 74
87 88 65 92 53 71 89 92
Total 146 155 129 136 158 125 171 108 120 180 166
Totals EU 90 116 113
94 126 126 150 104 85 146 143
Non-EU 297 244 224
232 266 259 276 167 217 257 285
TOTAL 387 360 337 326 392 385 426 271 302 403 428

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

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 (Nov)
4,017 4,425 47.6% 8,442
Totals
65,041 151,940 30.0% 216,981

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