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3rd December 2021
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Marginal rise in property sales

Marginal rise in Cyprus property salesSEPTEMBER saw a small rise of 1% in property sales compared to September 2018 according to official figures published by the Department of Lands and Surveys, with the total number of contracts deposited reaching 692.

Although property sales in Nicosia and Paphos rose by 16% and 14% respectively, they fell by of 16% in Larnaca, 11% in Famagusta and 4% Limassol.

Total Property Sale Contracts – 2018/2019 Comparison

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2018 146 96 126 117 153 146 176 91 118 145 161 131
2019 161 194 131 169 213 145 174 103 137
Famagusta 2018 48 52 40 52 79 61 61 50 45 57 47 48
2019 53 48 45 96 87 43 49 30 40
Larnaca 2018 112 99 116 83 113 133 112 94 121 116 143 103
2019 114 125 118 140 173 102 157 93 102
Limassol 2018 225 256 314 246 282 338 314 262 251 289 344 290
2019 251 256 287 428 546 219 286 196 240
Paphos 2018 164 163 172 157 201 180 233 156 152 204 230 230
2019 187 211 185 224 404 205 230 166 173
Totals 2018 695 666 768 655 828 858 896 653 687 811 925 800
2019 766 834 766 1057 1423 714 896 588 662

Property sales – year to date

During the first nine months of 2019, the number of sales has risen by 15% to reach 7,736 compared to 6,706 in the corresponding period last year.

In percentage terms, Paphos led the way with sales rising 26% to reach 1,985 compared with 1,578 in the first nine months of last year. The capital, Nicosia saw a 22% rise with sales reaching 1,427. Larnaca came next with sales up 22%.

Meanwhile Sales in Limassol and Famagusta rose by 9% and 1% respectively.

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.

But the steady increase in property sales, which culminated in a massive 72% increase in May (the largest number sold in a single month since July 2008), seems to have run out of steam.

Total sales in June, July, August and September have fallen 7% compared to the same period last year. This fall could be due to more stringent conditions imposed on non-EU citizens seeking Cypriot citizenship under the revised Cyprus Investment Programme, which came into effect on 1st August. Time will tell.

2 COMMENTS

  1. It would appear that the stats on property sales have been forever violated by ‘golden visa’ purchases and are. therefore meaningless.

    The info from the two different types of sale should be offered to the public separately; but we know that will never happen…

    Ed: Hopefully foreign sales will be available next week and I can report sales to EU nationals and non-EU nationals + local sales and see how they’re trending.

    As for citizenships, the number granted has been capped at 700/annum.

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