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Rise in property sales led by local & EU buyers

Rise in Cyprus 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

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201812684104931351231558497126141108
201912716411513716812115390114
Famagusta2018-31818123427182921361429
201932191658452521316
Larnaca2018604467415561414760468252
2019548247738342905367
Limassol2018107152199162169207194174175176196201
2019166152192291329138177134176
Paphos201818843214355624832246460
20193031286917569545434
Totals2018308306431329436473470382385408497450
2019409448398628800395476344407

(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

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201820122224182321721192023
2019343016324524211323
Famagusta2018513422404534432124213317
2019212929384218471724
Larnaca2018525549425872714761706151
2019604371679060674035
Limassol201811810411584113131120887611314889
20198510495137217811096264
Paphos2018146155129136158125171108120180166170
2019157180157155229136176112139
Totals2018387360337326392385426271302403428350
2019357386368429623319420244285

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

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201810881098115108715
2019141491920161358
Famagusta20181524812191620907136
2019961417108171410
Larnaca20189996920151115131119
201912122118201116136
Limassol2018151732171922252411273820
2019162520212826271725
Paphos2018415855497060795549917473
2019567261486959735861
Totals2018901161139412612615010485146143135
2019107129125123147120146107110

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

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201810413149151021111138
201920177132588815
Famagusta201836101428261823122414209
201912231521321030314
Larnaca2018434640364952563646575032
2019483150497049512729
Limassol2018103878367941099564658711069
201969797511618955824539
Paphos20181059774878865925371899297
201910110896107160771035478
Totals2018297244224232266259276167217257285215
2019250257243306476199274137175

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 (Sept)
3,4314,30544.4%7,736
Totals
68,822156,96530.50%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).