Latest Headlines

Cyprus property sales surge in May

The number of Cyprus property sales surged in May 2019 reaching the highest number recorded since July 2008 according the official figures released by the Department of Lands and Surveys.

Cyprus property sales surge in MayMAY saw another surge in the number of Cyprus property sales during May compared to the corresponding month last year, with the number of contacts deposited at Land Registry offices up 72% according to official figures published by the Department of Lands and Surveys.

During May 2019 a total of 1,423 contracts were deposited for the sale of commercial and residential properties and land compared with 828 in May 2018 – and the largest monthly figure recorded since July 2008 when 1,542 contracts were deposited.

Of those 1,423 contracts, 800 (59%) were deposited by Cypriots and the remaining 623 (41%) by non-Cypriots – 147 of whom were EU citizens and 476 non-EU citizens.

A last-minute rush by foreign nationals to acquire Cypriot passports before tougher criteria come into force on 15 May could have helped to boost sales. (Further details of the revised scheme may be found at Cyprus Investment Programme.)

Property sales rose in all districts with Paphos leading the way where sales more than doubled. Meanwhile, sales in Limassol rose by 94%, sales in Larnaca rose by 53% and sales in Nicosia (the capital) and Famagusta rose 39% and 10% respectively.

Total Property Sale Contracts – 2018/2019 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia20181469612611715314617691118145161131
2019161194131169213
Famagusta2018485240527961615045574748
20195348459687
Larnaca2018112991168311313311294121116143103
2019114125118140173
Limassol2018225256314246282338314262251289344290
2019251256287428546
Paphos2018164163172157201180233156152204230230
2019187211185224404
Totals2018695666768655828858896653687811925800
201976683476610571423

Cyprus property sales – year to date

During the first five months of 2019, the number of sales increased by 34% to reach 4846 compared to 828 in the corresponding period of last year. In percentage terms, sales in Paphos rose 41%, sales in Nicosia rose 36%, sales in Limassol rose 34% and sales in Larnaca and Famagusta rose 28% and 21% respectively.

Limassol saw the highest number of sales (1768), Paphos (1211), Nicosia (868), Larnaca (670) and Famagusta (329).

Domestic sales

Sales to the Cypriot rose 83% in May compared to May 2018, with a significant rise of 307% in Paphos. Sales in Limassol rose 95%, sales in Larnaca rose 51%, while sales in Famagusta and Nicosia rose 32% and 24% respectively.

During the first five months of 2019, domestic sales rose by 48% 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
2019127164115137168
Famagusta2018-31818123427182921361429
20193219165845
Larnaca2018604467415561414760468252
20195482477383
Limassol2018107152199162169207194174175176196201
2019166152192291329
Paphos201818843214355624832246460
201930312869175
Totals2018308306431329436473470382385408497450
2019409448398628800

Overseas sales

Property sales to the overseas (non-Cypriot) market during May 2019 rose by 59% with 623 contracts of sale deposited compared with 392 in May 2018.

Although sales in Famagusta fell by 7%, they rose in the remaining four districts. Sales in Nicosia rose 150%, sales in Limassol rose 92%, while sales in Larnaca and Paphos rose by 55% and 45% respectively.

During the first five months of 2019, sales to the overseas rose by 20% compared with the same period last year.

Total Overseas Cyprus Property Sale Contracts – 2018/2019 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201820122224182321721192023
20193430163245
Famagusta2018513422404534432124213317
20192129293842
Larnaca2018525549425872714761706151
20196043716790
Limassol201811810411584113131120887611314889
20198510495137217
Paphos2018146155129136158125171108120180166170
2019157180157155229
Totals2018387360337326392385426271302403428350
2019357386368429623

Sales to EU nationals

Property sales to EU nationals rose 17% in May compared with the same month last year.

With the exception of Famagusta and Paphos, where sales to EU nationals fell by 47% and 1% respectively, they rose in all the other districts.

Sales in Nicosia and Larnaca rose 122%, and sales in Limassol by 47%.

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

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

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201810881098115108715
2019141491920
Famagusta20181524812191620907136
201996141710
Larnaca20189996920151115131119
20191212211820
Limassol2018151732171922252411273820
20191625202128
Paphos2018415855497060795549917473
20195672614869
Totals2018901161139412612615010485146143135
2019107129125123147

Sales to non-EU nationals

Property sales to non-EU nationals rose 79% in May compared with the same month last year, with sales rising in all districts.

Sales in Nicosia rose 150% followed by Limassol, where sales rose 101%. Meanwhile sales in Paphos, Larnaca and Famagusta rose 82%, 43% and 23% respectively.

During the first five months of 2019 sales to non-EU nationals have risen 21% compared to the same period last year.

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

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201810413149151021111138
2019201771325
Famagusta201836101428261823122414209
20191223152132
Larnaca2018434640364952563646575032
20194831504970
Limassol2018103878367941099564658711069
2019697975116189
Paphos20181059774878865925371899297
201910110896107160
Totals2018297244224232266259276167217257285215
2019250257243306476

Analysis of Cyprus 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 (May)
2,1632,68344.6%4,846
Totals
67,554155,07330.3%222,627

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.

  • Steve says:

    It would be interesting to see forced sales by banks and other mortgage lenders split out from normal sales.. Both types result in a sales contract, but can have opposing effects on price trends.

    Ed: Unfortunately the statistics provided by the Department of Lands & Surveys do not show this information.

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.

  • Text size

SELECTED REPORTS

Back to top