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25th February 2024
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HomeNewsCyprus property sales fall in all market segments

Cyprus property sales fall in all market segments

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