Latest Headlines

Cyprus property sales at eleven year high

Cyprus property sales in April reached the highest monthly figure recorded since September 2008 following a 61 per cent surge according to official figures from the Department of Lands and Surveys.

Cyprus property sales at eleven year highAPRIL saw a sharp rise in Cyprus property sales compared to the numbers sold in the corresponding month last year, with the number of contracts deposited at Land Registry offices up 61% according to the Department of Lands & Surveys.

During April a total of 1,057 contracts were deposited at Land Registry offices for the sale of commercial and residential properties and land compared with 655 in April 2018 – and the biggest monthly figure recorded since September 2008 when 1,157 contracts were deposited.

Of those 1,057 contracts, 628 (59%) were deposited by Cypriots and the remaining 429 (41%) by non-Cypriots – 123 of whom were EU citizens and 306 non-EU citizens.

Property sales rose in all districts and the figures show a continuing improvement in the economic sentiment.

A rush by foreign nationals to acquire Cypriot passports via the citizenship-by-investment scheme before tougher criteria come into force on 15 May could also have helped to boost sales.

(Further details of the revised scheme may be found at Cyprus Investment Programme.)

Sales rose in all districts. In percentage terms, Famagusta led the way with sales up 85%, followed by Limassol with a rise of 74%, while sales in Larnaca, Nicosia and Paphos rose by 69%, 44% and 43% respectively.

Total Property Sale Contracts – 2018/2019 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia20181469612611715314617691118145161131
2019161194131169
Famagusta2018485240527961615045574748
201953484596
Larnaca2018112991168311313311294121116143103
2019114125118140
Limassol2018225256314246282338314262251289344290
2019251256287428
Paphos2018164163172157201180233156152204230230
2019187211185224
Totals2018695666768655828858896653687811925800
20197668347661,057

Property sales – year to date

During the first four months of 2019 sales rose 23% compared to the same period last year. Sales in Nicosia rose 35% and sales in Famagusta rose 26%. Meanwhile sales in Paphos rose 33%, while those in Larnaca and Limassol rose 21% and 17% respectively.

Domestic sales

Sales to the Cypriot market shot up 91% in April compared to April 2018, with significant rises in all districts. In percentage terms Famagusta led the way with sales up 383% compared with the same month last year followed by Paphos, where sales rose 229%. Meanwhile sales in Limassol, Larnaca and Nicosia rose by 80%, 78% and 47% respectively.

During the first four months of 2019, domestic sales rose by 37% compared with the same period last year.

However, some of these domestic sales may have resulted from properties acquired by banks as part of loan restructuring agreements, etc.

Domestic Property Sale Contracts – 2018/2019 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201812684104931351231558497126141108
2019127164115137
Famagusta2018-31818123427182921361429
201932191658
Larnaca2018604467415561414760468252
201954824773
Limassol2018107152199162169207194174175176196201
2019166152192291
Paphos201818843214355624832246460
201930312869
Totals2018308306431329436473470382385408497450
2019409448398628

Overseas sales

Property sales to the overseas (non-Cypriot) market during April 2019 rose by 32% with 429 contracts of sale deposited compared with 326 in April 2018.

Although sales in Famagusta fell by 5%, they rose in the remaining four districts. Sales in Limassol rose 63%, sales in Larnaca rose 60%, sales in Nicosia rose 33% and sales in Paphos rose 14%

During the first four months of 2019, sales to the overseas rose by 9% compared with the same period last year.

Total Overseas Property Sale Contracts – 2018/2019 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201820122224182321721192023
201934301632
Famagusta2018513422404534432124213317
201921292938
Larnaca2018525549425872714761706151
201960437167
Limassol201811810411584113131120887611314889
20198510495137
Paphos2018146155129136158125171108120180166170
2019157180157155
Totals2018387360337326392385426271302403428350
2019357386368429

Sales to EU nationals

Property sales to EU nationals rose 31% in April compared with the same month last year.

With the exception of Paphos, where sales to EU nationals fell by 2%, they rose in all the other districts.

Sales in Larnaca rose 200%, while sales in Nicosia rose 90%. Meanwhile sales in Famagusta and Limassol rose by 42% and 24% respectively.

During the first four months of 2019 sales to EU nationals have risen 17% compared to the first quarter of 2018.

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

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201810881098115108715
20191414919
Famagusta20181524812191620907136
2019961417
Larnaca20189996920151115131119
201912122118
Limassol2018151732171922252411273820
201916252021
Paphos2018415855497060795549917473
201956726148
Totals2018901161139412612615010485146143135
2019107129125123

Sales to non-EU nationals

Property sales to non-EU nationals rose 32% in April compared with the same month last year.

Although sales in Famagusta and Nicosia fell by 25% and 7% respectively, they rose in the remaining three districts. Sales in Limassol rose by 73%, sales in Larnaca rose 36% and sales in Paphos rose 23%.

During the first four months of 2019 sales to non-EU nationals have risen 6% compared to the same period last year.

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

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201810413149151021111138
20192017713
Famagusta201836101428261823122414209
201912231521
Larnaca2018434640364952563646575032
201948315049
Limassol2018103878367941099564658711069
2019697975116
Paphos20181059774878865925371899297
201910110896107
Totals2018297244224232266259276167217257285215
2019250257243306

Analysis of property sales since 2000

Cyprus Property Sale Contracts 2000 – 2019

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
201814,3674,87547.3%9,242
2019 (Apr)
1,5401,88345.0%3,423
Totals
66,931154,27330.3%221,204

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).

Readers' comments

Comments on this article are no longer being accepted.

SELECTED REPORTS

Back to top