July property sales hold steady (update)

JULY 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

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

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

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

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

Analysis of property sales since 2000

Cyprus Property Sale Contracts 2000 – 2019

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).