AS WE reported on Tuesday, June saw a slump in Cyprus property sales of 17 per cent compared with June 2019. The latest official figures published by the Department of Lands & Surveys earlier today show there was a decline in all segments of the market, i.e. domestic, EU, and non-EU.
Of the 714 contracts that were deposited for the sale of commercial property, residential property, building plots and land, 395 (55.3%) were deposited by Cypriots and the remaining 319 (43.7%) were deposited by foreigners of whom 17% (120) were EU citizens and 28% (199) were non-EU citizens.
Domestic property sales
Sales to the Cypriot market fell 16% in June compared to June 2018. With the exception of Paphos, where the number of sales rose by 25%, they fell in the other four districts.
Although more properties were sold in Limassol than in any of the other districts in June, it saw the highest annual fall with sales down 33% compared to June 2018. Meanwhile, sales in Larnaca, Famagusta and Nicosia fell by 31%, 7% and 2% respectively.
During the first half of 2019, domestic sales rose by 35% compared with the same period last year.
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 | 121 | |||||||
Famagusta | 2018 | -3 | 18 | 18 | 12 | 34 | 27 | 18 | 29 | 21 | 36 | 14 | 29 |
2019 | 32 | 19 | 16 | 58 | 45 | 25 | |||||||
Larnaca | 2018 | 60 | 44 | 67 | 41 | 55 | 61 | 41 | 47 | 60 | 46 | 82 | 52 |
2019 | 54 | 82 | 47 | 73 | 83 | 42 | |||||||
Limassol | 2018 | 107 | 152 | 199 | 162 | 169 | 207 | 194 | 174 | 175 | 176 | 196 | 201 |
2019 | 166 | 152 | 192 | 291 | 329 | 138 | |||||||
Paphos | 2018 | 18 | 8 | 43 | 21 | 43 | 55 | 62 | 48 | 32 | 24 | 64 | 60 |
2019 | 30 | 31 | 28 | 69 | 175 | 69 | |||||||
Totals | 2018 | 308 | 306 | 431 | 329 | 436 | 473 | 470 | 382 | 385 | 408 | 497 | 450 |
2019 | 409 | 448 | 398 | 628 | 800 | 395 |
However, some of these domestic sales may have resulted from properties acquired by banks as part of loan restructuring agreements, etc.
Overseas property sales
Property sales to the overseas (non-Cypriot) market during June 2019 fell by 17% with 319 contracts of sale deposited compared with 385 in June 2018.
While sales in Paphos and Nicosia rose by 9% and 4% respectively, they fell in the remaining three districts. Sales in Famagusta fell 47%, while sales in Limassol and Larnaca fell by 38% and 17% respectively.
During the first half of 2019, sales to the overseas rose by 13% compared with the same period last year.
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 | 30 | 16 | 32 | 45 | 24 | |||||||
Famagusta | 2018 | 51 | 34 | 22 | 40 | 45 | 34 | 43 | 21 | 24 | 21 | 33 | 17 |
2019 | 21 | 29 | 29 | 38 | 42 | 18 | |||||||
Larnaca | 2018 | 52 | 55 | 49 | 42 | 58 | 72 | 71 | 47 | 61 | 70 | 61 | 51 |
2019 | 60 | 43 | 71 | 67 | 90 | 60 | |||||||
Limassol | 2018 | 118 | 104 | 115 | 84 | 113 | 131 | 120 | 88 | 76 | 113 | 148 | 89 |
2019 | 85 | 104 | 95 | 137 | 217 | 81 | |||||||
Paphos | 2018 | 146 | 155 | 129 | 136 | 158 | 125 | 171 | 108 | 120 | 180 | 166 | 170 |
2019 | 157 | 180 | 157 | 155 | 229 | 136 | |||||||
Totals | 2018 | 387 | 360 | 337 | 326 | 392 | 385 | 426 | 271 | 302 | 403 | 428 | 350 |
2019 | 357 | 386 | 368 | 429 | 623 | 319 |
Overseas sales (EU nationals)
Property sales to EU nationals fell 5% in June compared with June 2018.
Although sales in Nicosia (the capital) rose 100% and sales in Limassol rose by 18%, these rises were more than wiped out by falls of 50% in Famagusta, 45% in Larnaca and 2% in Paphos.
During the first half of 2019, sales to EU nationals rose by 14% compared with the same period last year.
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 | 14 | 9 | 19 | 20 | 16 | |||||||
Famagusta | 2018 | 15 | 24 | 8 | 12 | 19 | 16 | 20 | 9 | 0 | 7 | 13 | 6 |
2019 | 9 | 6 | 14 | 17 | 10 | 8 | |||||||
Larnaca | 2018 | 9 | 9 | 9 | 6 | 9 | 20 | 15 | 11 | 15 | 13 | 11 | 19 |
2019 | 12 | 12 | 21 | 18 | 20 | 11 | |||||||
Limassol | 2018 | 15 | 17 | 32 | 17 | 19 | 22 | 25 | 24 | 11 | 27 | 38 | 20 |
2019 | 16 | 25 | 20 | 21 | 28 | 26 | |||||||
Paphos | 2018 | 41 | 58 | 55 | 49 | 70 | 60 | 79 | 55 | 49 | 91 | 74 | 73 |
2019 | 56 | 72 | 61 | 48 | 69 | 59 | |||||||
Totals | 2018 | 90 | 116 | 113 | 94 | 126 | 126 | 150 | 104 | 85 | 146 | 143 | 135 |
2019 | 107 | 129 | 125 | 123 | 147 | 120 |
Overseas sales (non-EU nationals)
Sales to non-EU nationals fell 17% in June compared with the same month last year, with sales falling in all districts with the exception of Paphos, where they rose by 9%.
Sales in Limassol fell by 50%, sales in Nicosia fell by 47%, while sales in Famagusta and Larnaca fell by 44% and 6% respectively.
During the first half of 2019, property sales to non-EU nationals rose by 14% compared with the same period last year.
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 | 17 | 7 | 13 | 25 | 8 | |||||||
Famagusta | 2018 | 36 | 10 | 14 | 28 | 26 | 18 | 23 | 12 | 24 | 14 | 20 | 9 |
2019 | 12 | 23 | 15 | 21 | 32 | 10 | |||||||
Larnaca | 2018 | 43 | 46 | 40 | 36 | 49 | 52 | 56 | 36 | 46 | 57 | 50 | 32 |
2019 | 48 | 31 | 50 | 49 | 70 | 49 | |||||||
Limassol | 2018 | 103 | 87 | 83 | 67 | 94 | 109 | 95 | 64 | 65 | 87 | 110 | 69 |
2019 | 69 | 79 | 75 | 116 | 189 | 55 | |||||||
Paphos | 2018 | 105 | 97 | 74 | 87 | 88 | 65 | 92 | 53 | 71 | 89 | 92 | 97 |
2019 | 101 | 108 | 96 | 107 | 160 | 77 | |||||||
Totals | 2018 | 297 | 244 | 224 | 232 | 266 | 259 | 276 | 167 | 217 | 257 | 285 | 215 |
2019 | 250 | 257 | 243 | 306 | 476 | 199 |
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 (Jun) |
2,482 | 3,078 | 44.6% | 5,560 |
Totals |
67,873 | 155,468 | 30.4% | 223,341 |
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).
Thanks – look forward to seeing them – ascertain if this is a prevailing trend factor or it’s something else.
Quite possible slump is due to Cyprus being leaned on to stop offering passports in exchange for buying houses on the island. Wouldn’t be at all surprised.
Ed: I’m sure that accounts for some of the fall in sales to non-EU citizens. But in the other market segments? Maybe we’ll get a better picture when July figures are published.
Nobody wants to go and stay in an overcrowded place, let alone buy (unless it’s an investment, not for personal use).
With all these passport sales they are shooting themselves in the foot, and the resident population suffers.