MAY saw another surge in the number of Cyprus property sales during May compared to the corresponding month last year, with the number of contracts 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
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 | 194 | 131 | 169 | 213 | ||||||||
Famagusta | 2018 | 48 | 52 | 40 | 52 | 79 | 61 | 61 | 50 | 45 | 57 | 47 | 48 |
2019 | 53 | 48 | 45 | 96 | 87 | ||||||||
Larnaca | 2018 | 112 | 99 | 116 | 83 | 113 | 133 | 112 | 94 | 121 | 116 | 143 | 103 |
2019 | 114 | 125 | 118 | 140 | 173 | ||||||||
Limassol | 2018 | 225 | 256 | 314 | 246 | 282 | 338 | 314 | 262 | 251 | 289 | 344 | 290 |
2019 | 251 | 256 | 287 | 428 | 546 | ||||||||
Paphos | 2018 | 164 | 163 | 172 | 157 | 201 | 180 | 233 | 156 | 152 | 204 | 230 | 230 |
2019 | 187 | 211 | 185 | 224 | 404 | ||||||||
Totals | 2018 | 695 | 666 | 768 | 655 | 828 | 858 | 896 | 653 | 687 | 811 | 925 | 800 |
2019 | 766 | 834 | 766 | 1057 | 1423 |
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
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 | 164 | 115 | 137 | 168 | ||||||||
Famagusta | 2018 | -3 | 18 | 18 | 12 | 34 | 27 | 18 | 29 | 21 | 36 | 14 | 29 |
2019 | 32 | 19 | 16 | 58 | 45 | ||||||||
Larnaca | 2018 | 60 | 44 | 67 | 41 | 55 | 61 | 41 | 47 | 60 | 46 | 82 | 52 |
2019 | 54 | 82 | 47 | 73 | 83 | ||||||||
Limassol | 2018 | 107 | 152 | 199 | 162 | 169 | 207 | 194 | 174 | 175 | 176 | 196 | 201 |
2019 | 166 | 152 | 192 | 291 | 329 | ||||||||
Paphos | 2018 | 18 | 8 | 43 | 21 | 43 | 55 | 62 | 48 | 32 | 24 | 64 | 60 |
2019 | 30 | 31 | 28 | 69 | 175 | ||||||||
Totals | 2018 | 308 | 306 | 431 | 329 | 436 | 473 | 470 | 382 | 385 | 408 | 497 | 450 |
2019 | 409 | 448 | 398 | 628 | 800 |
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
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 | 30 | 16 | 32 | 45 | ||||||||
Famagusta | 2018 | 51 | 34 | 22 | 40 | 45 | 34 | 43 | 21 | 24 | 21 | 33 | 17 |
2019 | 21 | 29 | 29 | 38 | 42 | ||||||||
Larnaca | 2018 | 52 | 55 | 49 | 42 | 58 | 72 | 71 | 47 | 61 | 70 | 61 | 51 |
2019 | 60 | 43 | 71 | 67 | 90 | ||||||||
Limassol | 2018 | 118 | 104 | 115 | 84 | 113 | 131 | 120 | 88 | 76 | 113 | 148 | 89 |
2019 | 85 | 104 | 95 | 137 | 217 | ||||||||
Paphos | 2018 | 146 | 155 | 129 | 136 | 158 | 125 | 171 | 108 | 120 | 180 | 166 | 170 |
2019 | 157 | 180 | 157 | 155 | 229 | ||||||||
Totals | 2018 | 387 | 360 | 337 | 326 | 392 | 385 | 426 | 271 | 302 | 403 | 428 | 350 |
2019 | 357 | 386 | 368 | 429 | 623 |
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
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 | 14 | 9 | 19 | 20 | ||||||||
Famagusta | 2018 | 15 | 24 | 8 | 12 | 19 | 16 | 20 | 9 | 0 | 7 | 13 | 6 |
2019 | 9 | 6 | 14 | 17 | 10 | ||||||||
Larnaca | 2018 | 9 | 9 | 9 | 6 | 9 | 20 | 15 | 11 | 15 | 13 | 11 | 19 |
2019 | 12 | 12 | 21 | 18 | 20 | ||||||||
Limassol | 2018 | 15 | 17 | 32 | 17 | 19 | 22 | 25 | 24 | 11 | 27 | 38 | 20 |
2019 | 16 | 25 | 20 | 21 | 28 | ||||||||
Paphos | 2018 | 41 | 58 | 55 | 49 | 70 | 60 | 79 | 55 | 49 | 91 | 74 | 73 |
2019 | 56 | 72 | 61 | 48 | 69 | ||||||||
Totals | 2018 | 90 | 116 | 113 | 94 | 126 | 126 | 150 | 104 | 85 | 146 | 143 | 135 |
2019 | 107 | 129 | 125 | 123 | 147 |
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
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 | 17 | 7 | 13 | 25 | ||||||||
Famagusta | 2018 | 36 | 10 | 14 | 28 | 26 | 18 | 23 | 12 | 24 | 14 | 20 | 9 |
2019 | 12 | 23 | 15 | 21 | 32 | ||||||||
Larnaca | 2018 | 43 | 46 | 40 | 36 | 49 | 52 | 56 | 36 | 46 | 57 | 50 | 32 |
2019 | 48 | 31 | 50 | 49 | 70 | ||||||||
Limassol | 2018 | 103 | 87 | 83 | 67 | 94 | 109 | 95 | 64 | 65 | 87 | 110 | 69 |
2019 | 69 | 79 | 75 | 116 | 189 | ||||||||
Paphos | 2018 | 105 | 97 | 74 | 87 | 88 | 65 | 92 | 53 | 71 | 89 | 92 | 97 |
2019 | 101 | 108 | 96 | 107 | 160 | ||||||||
Totals | 2018 | 297 | 244 | 224 | 232 | 266 | 259 | 276 | 167 | 217 | 257 | 285 | 215 |
2019 | 250 | 257 | 243 | 306 | 476 |
Analysis of Cyprus 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 (May) |
2,163 | 2,683 | 44.6% | 4,846 |
Totals |
67,554 | 155,073 | 30.3% | 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).
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.