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HomeProperty NewsProperty sales continue to rise (update)

Property sales continue to rise (update)

Cyprus property salesCYPRUS property sales continued to rise in January, with the number of sales contracts deposited at Land Registry offices in the Republic rising by 10 per cent compared to the same month last year.

With the exception of December 2018, when sales fell by 48 per cent due to the rush to buy land in December 2017 before the government introduced VAT on land sales, the number of property sales has increased for the 21 consecutive months.

January 2019 saw a total of 766 contracts deposited at Land Registry offices for the sale of commercial and residential properties and land compared with 695 in January 2018; a rise of 10 per cent.

Of those 766 contracts, 409 (54%) were deposited by Cypriots and the remaining 357 (47%) by non-Cypriots – 107 by EU citizens and 250 by non-EU citizens.

The figures show a continuing improvement in the economic conditions, together with government incentives designed to boost property sales and drive foreign investment. Unemployment is also falling; down to 8.8 per cent in December 2018 from almost 17 per cent in 2013. (Across the EU 28 the unemployment rate stood at 6.6 per cent in December 2018.)

Property sales up in all districts

In percentage terms, Paphos lead the way with sales up 14 per cent followed by Limassol, where sales rose by 12 per cent. Meanwhile sales in both Nicosia and Famagusta rose by 10 per cent, while sales in Larnaca rose by 2 per cent.

Total Property Sale Contracts – 2018/2019 Comparison

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2018 146 96 126 117 153 146 176 91 118 145 161 131
2019 161
Famagusta 2018 48 52 40 52 79 61 61 50 45 57 47 48
2019 53
Larnaca 2018 112 99 116 83 113 133 112 94 121 116 143 103
2019 114
Limassol 2018 225 256 314 246 282 338 314 262 251 289 344 290
2019 251
Paphos 2018 164 163 172 157 201 180 233 156 152 204 230 230
2019 187
Totals 2018 695 666 768 655 828 858 896 653 687 811 925 800
2019 766

Domestic sales

Domestic sales rose 33% in January 2019 compared with the same period last year, with sales rising in all districts with the exception of Larnaca, where they fell by 10%.

Sales in Paphos, Limassol and Nicosia rose by 67%, 55% and 1% respectively. Unfortunately the January 2018 figure for Famagusta cannot be calculated as the Department reported that overseas buyers deposited 3 more contracts than the total number of contracts deposited.

Domestic Property Sale Contracts – 2018/2019 Comparison

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2018 126 84 104 93 135 123 155 84 97 126 141 108
2019 127
Famagusta 2018 -3 18 18 12 34 27 18 29 21 36 14 29
2019 32
Larnaca 2018 60 44 67 41 55 61 41 47 60 46 82 52
2019 53
Limassol 2018 107 152 199 162 169 207 194 174 175 176 196 201
2019 166
Paphos 2018 18 8 43 21 43 55 62 48 32 24 64 60
2019 30
Totals 2018 308 306 431 329 436 473 470 382 385 408 497 450
2019 409

Overseas sales

Property sales to the overseas (non-Cypriot) market during January 2019 fell 8% compared to the same month last year with 357 contracts of sale deposited compared with 387 in January 2017.

Although sales in Nicosia, Larnaca and Paphos rose by 70%, 15% and 8% respectively, they fell by 59% in Famagusta and by 28% in Limassol.

Total Overseas Property Sale Contracts – 2018/2019 Comparison

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2018 20 12 22 24 18 23 21 7 21 19 20 23
2019 34
Famagusta 2018 51 34 22 40 45 34 43 21 24 21 33 17
2019 21
Larnaca 2018 52 55 49 42 58 72 71 47 61 70 61 51
2019 60
Limassol 2018 118 104 115 84 113 131 120 88 76 113 148 89
2019 85
Paphos 2018 146 155 129 136 158 125 171 108 120 180 166 170
2019 157
Totals 2018 387 360 337 326 392 385 426 271 302 403 428 350
2019 357

Sales to EU nationals

Property sales to EU nationals rose 19% compared with the same month last year.

With the exception Famagusta, where sales declined 40%, they rose in all the other districts.

Nicosia led the way with sales rising by 40% followed by Paphos, where sales rose by 37%. Sales in Larnaca and Limassol rose by 33% and 7% respectively.

Foreign (EU) Property Sale Contracts – 2018/2019 Comparison

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2018 10 8 8 10 9 8 11 5 10 8 7 15
2019 14
Famagusta 2018 15 24 8 12 19 16 20 9 0 7 13 6
2019 9
Larnaca 2018 9 9 9 6 9 20 15 11 15 13 11 19
2019 12
Limassol 2018 15 17 32 17 19 22 25 24 11 27 38 20
2019 16
Paphos 2018 41 58 55 49 70 60 79 55 49 91 74 73
2019 56
Totals 2018 90 116 113 94 126 126 150 104 85 146 143 135
2019 107

Sales to non-EU nationals

Sales to non-EU nationals fell 16% compared with January 2018.

While sales in Nicosia doubled and sales in Larnaca rose by 12%, they fell in all the other districts.

Sales in Famagusta fell by 67%, while sales in Limassol and Paphos fell by 33% and 4% respectively.

Foreign (Non-EU) Property Sale Contracts – 2018/2019 Comparison

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2018 10 4 13 14 9 15 10 2 11 11 13 8
2019 20
Famagusta 2018 36 10 14 28 26 18 23 12 24 14 20 9
2019 12
Larnaca 2018 43 46 40 36 49 52 56 36 46 57 50 32
2019 48
Limassol 2018 103 87 83 67 94 109 95 64 65 87 110 69
2019 69
Paphos 2018 105 97 74 87 88 65 92 53 71 89 92 97
2019 101
Totals 2018 297 244 224 232 266 259 276 167 217 257 285 215
2019 250

Analysis of property sales since 2000

Cyprus Property Sale Contracts 2000 – 2019

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
20181 4,367 4,875 47.3% 9,242
2019 (Jan)
357 409 46.6% 766
Totals
65,748 152,799 30.1% 218,547

1 The Department of Lands & Surveys has advised that overseas sales in 2018 and subsequent year should not be compared to sales in previous years due to changes in the methodology used to classify ‘Aliens’ (foreigners).

4 COMMENTS

  1. @Pils & Peter Howard, I have spoken to many agents in paphos region over the last 8 months or so, all I can say is that things are pretty good for them, did not hear any complain.

    Ed: I’ve zapped part of your comment. The person you’re looking for can be easily found using Google.

  2. Thanks Howard—– you cannot always believe what independent companies or media say, your information as a individual on the ground is useful and gives me re-assurance to make a decision on my own property

  3. Re Pils and uninformed comments about property sales in Peyia. His independent report was way adrift when it suggests only 18 sales a year – ridiculous.

    Anyway why worry about what happened 6 years ago – any reputable agent will now tell you, that it is difficult to find good value properties to sell in the Peyia area -I am a fully licensed agent and have advertised for more properties to market in Peyia – without result. I know of one agent who sold more than 20 properties in Peyia last year alone.

    The property market is doing very well here in the Paphos area, but it is becoming more difficult for reputable agents to find good quality property to market.

  4. Good news that property sales are increasing in Paphos area overall, but regions of Paphos i.e Peyia are flat or non existent. Sales in Peyia from 2013 to 2016 via independent report was 54 sales in 3 years. Has Peyia improved sales from 2016. With reports of increased new development projects in Peyia and some surrounding areas not all regions of Paphos is looking rosy.

    Ed: Unfortunately the Department of Lands & Surveys does nor provide an analysis of sales in specific areas of the districts.

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