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August property sales fell 10 per cent

The number of property sales in Cyprus during August fell 10 per cent compared to the corresponding month last year according to the latest figures released by the Department of Lands and Surveys.

Cyprus: August property sales fell 10 per cent AUGUST saw a 10% decline in property sales compared to August 2018 with sales falling in all market segments with the exception of sales to EU citizens, which rose by 3% according to official figures published by the Department of Lands and Surveys.

During August, the total number of contracts deposited for the sale of commercial property, residential property, building plots and land reached 588; a fall of 10% compared with the 653 contracts deposited August 2018.

Of those 588 contracts, 344 (59%) were deposited on behalf of Cypriots and the remaining 244 (41%) on behalf of non-Cypriots of whom 44% were EU citizens and 56% were non-EU citizens.

Although property sales in Nicosia and Paphos rose by 13% and 6% respectively, these rises were wiped out by falls of 40% in Famagusta, 25% in Limassol and 1% in Larnaca.

Total Property Sale Contracts – 2018/2019 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia20181469612611715314617691118145161131
2019161194131169213145174103
Famagusta2018485240527961615045574748
20195348459687434930
Larnaca2018112991168311313311294121116143103
201911412511814017310215793
Limassol2018225256314246282338314262251289344290
2019251256287428546219286196
Paphos2018164163172157201180233156152204230230
2019187211185224404205230166
Totals2018695666768655828858896653687811925800
201976683476610571423714896588

Property sales – year to date

During the first eight months of 2019, the number of sales has increased by 17% to reach 7,044 compared to 6,016 in the corresponding period last year.

In percentage terms, sales in Paphos have risen by 27% and sales in Nicosia have risen by 23%. Meanwhile sales in sales in Larnaca have risen 19%, sales in Limassol have risen 10% and sales in Famagusta have risen by 2%. However, in terms of the total number of sales Limassol leads the way with 2,273 with Paphos in second place with 1,812 sales.

Domestic property sales

Sales to the Cypriot market fell 10% in August compared to August 2018.

While sales in both Limassol and Larnaca rose by 10% and by 7% in Nicosia, they fell by 55% and 23% in Famagusta and Limassol respectively

During the first eight months of 2019, domestic sales rose by 24% compared with the same period last year.

Domestic Property Sale Contracts – 2018/2019 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201812684104931351231558497126141108
201912716411513716812115390
Famagusta2018-31818123427182921361429
2019321916584525213
Larnaca2018604467415561414760468252
20195482477383429053
Limassol2018107152199162169207194174175176196201
2019166152192291329138177134
Paphos201818843214355624832246460
201930312869175695454
Totals2018308306431329436473470382385408497450
2019409448398628800395476344

(Note that 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 August 2019 also fell by 10% with 344 contracts of sale deposited compared with 382 in August 2018.

While sales in Nicosia and Paphos rose by 86% and 4% respectively, they fell in the remaining three districts.

Limassol saw a 30% drop in sales, while sales in Famagusta and Larnaca fell 19% and 15% respectively.

During the first eight months of 2019, sales to the overseas rose by 9% compared with the same period last year.

Total Overseas Property Sale Contracts – 2018/2019 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201820122224182321721192023
20193430163245242113
Famagusta2018513422404534432124213317
20192129293842184717
Larnaca2018525549425872714761706151
20196043716790606740
Limassol201811810411584113131120887611314889
201985104951372178110962
Paphos2018146155129136158125171108120180166170
2019157180157155229136176112
Totals2018387360337326392385426271302403428350
2019357386368429623319420244

Overseas sales (EU nationals)

Property sales to EU nationals rose 3% in August compared with August 2018.

Although sales in Limassol fell 29% and sales in Nicosia remained steady, they rose 56% in Famagusta, 18% in Larnaca and 5% in Paphos.

During the first eight months of 2019, sales to EU nationals rose by 9% compared with the same period last year. The only district where they fell was Famagusta; down 23%.

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

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201810881098115108715
201914149192016135
Famagusta20181524812191620907136
20199614171081714
Larnaca20189996920151115131119
20191212211820111613
Limassol2018151732171922252411273820
20191625202128262717
Paphos2018415855497060795549917473
20195672614869597358
Totals2018901161139412612615010485146143135
2019107129125123147120146107

Overseas sales (non-EU nationals)

Sales to non-EU nationals took a bit of a bashing, falling by 18% in August compared with the same month last year.

Although sales rose by 300% in Nicosia and by 2% in Paphos, they fell in the other three districts.

Sales in Famagusta fell 75%, while sales in Limassol and Larnaca fell by 30% and 25% respectively.

During the first eight months of 2019, property sales to non-EU nationals rose by 9% compared with the same period last year. Once again, the only district where they fell was Famagusta; down 13%

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

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201810413149151021111138
2019201771325888
Famagusta201836101428261823122414209
2019122315213210303
Larnaca2018434640364952563646575032
20194831504970495127
Limassol2018103878367941099564658711069
2019697975116189558245
Paphos20181059774878865925371899297
2019101108961071607710354
Totals2018297244224232266259276167217257285215
2019250257243306476199274137

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 (Aug)
3,1463,89844.7%7,044
Totals
68,537156,28830.48%224,825

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.

  • Deanna says:

    Sales falling, yet they keep on building….
    I suppose it will continue until there’s no land left – and no people…

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

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