Latest Headlines

July property sales hold steady (update)

The number of Cyprus property sales during July was the same as the number sold in July 2018, with sales falling in all districts with the exception of Larnaca according to statistics from the Department of Lands & Surveys.

July property sales hold steadyJULY saw the same number of property sales in Cyprus as during the corresponding month last year, with the number of sales contracts deposited at Land Registry offices totalling 896 according to official figures published by the Department of Lands and Surveys.

Of the 896 contracts that were deposited for the sale of commercial property, residential property, building plots and land, 476 (53%) were deposited by Cypriots and the remaining 420 (47%) by foreign nationals of whom 31% (146) were EU citizens and 69% (274) were non-EU citizens.

With the exception of Larnaca, where sales rose by 40% compared with July 2018, they fell in the remaining four districts.

In percentage terms, Famagusta recorded the greatest fall of 20%, while property sales in Limassol fell by 9% and sales in Paphos and Nicosia each fell by 1%.

Total Property Sale Contracts – 2018/2019 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia20181469612611715314617691118145161131
2019161194131169213145174
Famagusta2018485240527961615045574748
201953484596874349
Larnaca2018112991168311313311294121116143103
2019114125118140173102157
Limassol2018225256314246282338314262251289344290
2019251256287428546219286
Paphos2018164163172157201180233156152204230230
2019187211185224404205230
Totals2018695666768655828858896653687811925800
201976683476610571423714896

Property sales – year to date

During the first seven months of 2019, the number of sales has increased by 20.3% to reach 6456 compared to 5366 in the corresponding period of last year.

In percentage terms, sales in Paphos have risen by 29.6% and sales in Nicosia have risen by 23.6%. Meanwhile sales in sales in Larnaca have risen 21.0%, sales in Limassol have risen 15.1% and sales in Famagusta have risen by 7.1%. However, in terms of the total number of sales Limassol leads the way with 2273.

Domestic property sales

Sales to the Cypriot market rose 1% in July compared to July 2018. But although sales in Larnaca rose by 120%, they fell in the remaining four districts.

Sales in Famagusta fell by 90%, while sales in Paphos, Limassol and Nicosia fell by 13%, 9% and 1% respectively.

During the first seven months of 2019, domestic sales rose by 29% compared with the same period last year.

Domestic Property Sale Contracts – 2018/2019 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201812684104931351231558497126141108
2019127164115137168121153
Famagusta2018-31818123427182921361429
20193219165845252
Larnaca2018604467415561414760468252
201954824773834290
Limassol2018107152199162169207194174175176196201
2019166152192291329138177
Paphos201818843214355624832246460
2019303128691756954
Totals2018308306431329436473470382385408497450
2019409448398628800395476

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 July 2019 fell by 1% with 420 contracts of sale deposited compared with 426 in July 2018.

While sales in Famagusta and Paphos rose by 9% and 3% respectively and sales in Nicosia remained steady, Sales in Limassol and Larnaca fell by 9% and 6% respectively.

During the first seven months of 2019, sales to the overseas rose by 11% compared with the same period last year.

Total Overseas Property Sale Contracts – 2018/2019 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201820122224182321721192023
201934301632452421
Famagusta2018513422404534432124213317
201921292938421847
Larnaca2018525549425872714761706151
201960437167906067
Limassol201811810411584113131120887611314889
2019851049513721781109
Paphos2018146155129136158125171108120180166170
2019157180157155229136176
Totals2018387360337326392385426271302403428350
2019357386368429623319420

Overseas sales (EU nationals)

Property sales to EU nationals fell 3% in July compared with July 2018.

Although sales in Nicosia, Limassol and Larnaca rose by 18%, 8% and 7% respectively, they fell by 15% in Famagusta and by 8% in Paphos.

During the first seven months of 2019, sales to EU nationals rose by 10% compared with the same period last year.

Foreign (EU) Property Sale Contracts – 2018/2019 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201810881098115108715
20191414919201613
Famagusta20181524812191620907136
201996141710817
Larnaca20189996920151115131119
201912122118201116
Limassol2018151732171922252411273820
201916252021282627
Paphos2018415855497060795549917473
201956726148695973
Totals2018901161139412612615010485146143135
2019107129125123147120146

Overseas sales (non-EU nationals)

Sales to non-EU nationals fell 1% in July compared with the same month last year, with sales falling in all districts with the exception of Famagusta and Paphos, where they rose by 30% and 12% respectively.

Sales in Nicosia fell by 20%, sales in Limassol fell by 14% and sales in Larnaca fell 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 seven months of 2019, property sales to non-EU nationals rose by 12% compared with the same period last year.

Foreign (Non-EU) Property Sale Contracts – 2018/2019 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201810413149151021111138
201920177132588
Famagusta201836101428261823122414209
201912231521321030
Larnaca2018434640364952563646575032
201948315049704951
Limassol2018103878367941099564658711069
20196979751161895582
Paphos20181059774878865925371899297
20191011089610716077103
Totals2018297244224232266259276167217257285215
2019250257243306476199274

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 (Jul)
2,9023,55444.6%6,456
Totals
68,293155,94443.79%224,237

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.

SELECTED REPORTS

Back to top