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Cyprus property sales fall in all market segments

The 17 per cent reduction in Cyprus property sales during June was due to a slowdown in all segments of the market according to official figures published by the Department of Lands & Surveys.

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

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201812684104931351231558497126141108
2019127164115137168121
Famagusta2018-31818123427182921361429
2019321916584525
Larnaca2018604467415561414760468252
2019548247738342
Limassol2018107152199162169207194174175176196201
2019166152192291329138
Paphos201818843214355624832246460
20193031286917569
Totals2018308306431329436473470382385408497450
2019409448398628800395

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

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201820122224182321721192023
2019343016324524
Famagusta2018513422404534432124213317
2019212929384218
Larnaca2018525549425872714761706151
2019604371679060
Limassol201811810411584113131120887611314889
2019851049513721781
Paphos2018146155129136158125171108120180166170
2019157180157155229136
Totals2018387360337326392385426271302403428350
2019357386368429623319

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

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201810881098115108715
201914149192016
Famagusta20181524812191620907136
2019961417108
Larnaca20189996920151115131119
2019121221182011
Limassol2018151732171922252411273820
2019162520212826
Paphos2018415855497060795549917473
2019567261486959
Totals2018901161139412612615010485146143135
2019107129125123147120

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

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201810413149151021111138
20192017713258
Famagusta201836101428261823122414209
2019122315213210
Larnaca2018434640364952563646575032
2019483150497049
Limassol2018103878367941099564658711069
201969797511618955
Paphos20181059774878865925371899297
20191011089610716077
Totals2018297244224232266259276167217257285215
2019250257243306476199

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 (Jun)
2,4823,07844.6%5,560
Totals
67,873155,46830.4%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).

Readers' comments

Comments on this article are no longer being accepted.

  • Richard says:

    Thanks – look forward to seeing them – ascertain if this is a prevailing trend factor or it’s something else.

  • Richard says:

    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.

  • Deanna says:

    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.

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

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