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Home Property Sales Rise in property sales led by local & EU buyers

Rise in property sales led by local & EU buyers

Rise in Cyprus property sales led by local & EU buyersAS WE reported last Saturday, there was a marginal rise of 1% in property sales during September compared with September 2018. While the combined total of sales to local and overseas buyers from the EU rose by 10%, sales to non-EU citizens fell 19% according to official figures published by the Department of Lands and Surveys.

Of the 692 deposited at Land Registry offices, 407 (59%) were deposited by on behalf of local (Cypriot) purchaser and the remaining 285 (41%) by foreign buyers of whom 110 were EU nationals and 175 non-EU nationals.

Local property sales

Sales to Cypriot purchasers rose 6% in September compared to September 2018. With the exception of Famagusta, where sales fell 24%, sales rose in all the remaining for districts; sales in Nicosia rose 18%, while sales in Larnaca, Paphos and Limassol rose by 12%, 6% and 1% respectively.

During the first nine months of 2019, local sales have risen 22% compared to the same period last year. (However, following the massive increase in total sales in May, total sales to local market during June, July, August and September have fallen 5% compared to 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 127 164 115 137 168 121 153 90 114
Famagusta 2018 -3 18 18 12 34 27 18 29 21 36 14 29
2019 32 19 16 58 45 25 2 13 16
Larnaca 2018 60 44 67 41 55 61 41 47 60 46 82 52
2019 54 82 47 73 83 42 90 53 67
Limassol 2018 107 152 199 162 169 207 194 174 175 176 196 201
2019 166 152 192 291 329 138 177 134 176
Paphos 2018 18 8 43 21 43 55 62 48 32 24 64 60
2019 30 31 28 69 175 69 54 54 34
Totals 2018 308 306 431 329 436 473 470 382 385 408 497 450
2019 409 448 398 628 800 395 476 344 407

(Note that some of these local sales may have resulted from properties acquired by banks as part of loan restructuring agreements, etc.)

Total overseas property sales

Total property sales to the overseas (non-Cypriot) market during September fell 6% compared to September 2018.

Although sales in Paphos and Nicosia rose by 16% and 10% respectively – and remained steady in Famagusta, they fell by 43% in Larnaca and 16% in Limassol.

During the first nine months of 2019, overseas sales have risen 8% compared to the same period last year. (However, following the massive increase in total sales in May, total sales to overseas market during June, July, August and September have fallen 8% compared to 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 21 13 23
Famagusta 2018 51 34 22 40 45 34 43 21 24 21 33 17
2019 21 29 29 38 42 18 47 17 24
Larnaca 2018 52 55 49 42 58 72 71 47 61 70 61 51
2019 60 43 71 67 90 60 67 40 35
Limassol 2018 118 104 115 84 113 131 120 88 76 113 148 89
2019 85 104 95 137 217 81 109 62 64
Paphos 2018 146 155 129 136 158 125 171 108 120 180 166 170
2019 157 180 157 155 229 136 176 112 139
Totals 2018 387 360 337 326 392 385 426 271 302 403 428 350
2019 357 386 368 429 623 319 420 244 285

Overseas sales (EU nationals)

Property sales to EU nationals rose 29% in September compared to September 2018. Although sales in Larnaca and Nicosia fell by 60% and 20% respectively and remained unchanged in Famagusta, they rose 127% in Limassol and 24% in Paphos.

During the first nine months of 2019, sales to EU nationals have risen 11% compared to the same period last year. (Furthermore, following the massive increase in sales recorded in May, total sales to EU nationals during June, July, August and September have risen 4% compared to 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 13 5 8
Famagusta 2018 15 24 8 12 19 16 20 9 0 7 13 6
2019 9 6 14 17 10 8 17 14 10
Larnaca 2018 9 9 9 6 9 20 15 11 15 13 11 19
2019 12 12 21 18 20 11 16 13 6
Limassol 2018 15 17 32 17 19 22 25 24 11 27 38 20
2019 16 25 20 21 28 26 27 17 25
Paphos 2018 41 58 55 49 70 60 79 55 49 91 74 73
2019 56 72 61 48 69 59 73 58 61
Totals 2018 90 116 113 94 126 126 150 104 85 146 143 135
2019 107 129 125 123 147 120 146 107 110

Overseas sales (non-EU nationals)

Property sales to non-EU nationals fell 19% in September compared to September 2018.

With the exception of Nicosia and Paphos where sales rose by 36% and 10% respectively, they fell in the remaining three districts.

Sales in Famagusta fell 42%, while sales in Limassol and Larnaca ell by 40% and 37% respectively.

During the first nine months of 2019, sales to non-EU citizens have risen 6% compared to the same period last year. (However, following the massive increase in total sales in May, total sales to non-EU citizens during June, July, August and September have fallen 15% compared to 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 8 8 15
Famagusta 2018 36 10 14 28 26 18 23 12 24 14 20 9
2019 12 23 15 21 32 10 30 3 14
Larnaca 2018 43 46 40 36 49 52 56 36 46 57 50 32
2019 48 31 50 49 70 49 51 27 29
Limassol 2018 103 87 83 67 94 109 95 64 65 87 110 69
2019 69 79 75 116 189 55 82 45 39
Paphos 2018 105 97 74 87 88 65 92 53 71 89 92 97
2019 101 108 96 107 160 77 103 54 78
Totals 2018 297 244 224 232 266 259 276 167 217 257 285 215
2019 250 257 243 306 476 199 274 137 175

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 (Sept)
3,431 4,305 44.4% 7,736
Totals
68,822 156,965 30.50% 225,517

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).

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