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Wednesday 2nd December 2020
Home Property Sales Cyprus 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 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).

3 COMMENTS

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

  2. 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.

  3. 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.

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