Rise in property sales led by local & EU buyers

AS 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

(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

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

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

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).