FIGURES released by the Department of Lands & Surveys reveal that while property sales to the local market in October rose by 19% compared to October 2018, sales to the overseas market fell by 19%.
Of the 813 contracts for the sale of property deposited at Land Registry offices, 487 (60%) were deposited by domestic (Cypriot) purchasers and the remaining 327 (40%) by foreign buyers of whom 133 were EU nationals and 193 non-EU nationals.
Domestic property sales
Sales to Cypriot purchasers rose 19% in October compared to the same month last year. With the exception of Limassol and Famagusta, where sales fell 18% and 8% respectively, they rose in the remaining three districts. Sales in Paphos rose 175%, while the number of sales in Larnaca and Nicosia rose by 76% and 29% respectively.
During the first ten months of 2019, local sales have risen 22% 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 | 163 | |||
Famagusta | 2018 | -3 | 18 | 18 | 12 | 34 | 27 | 18 | 29 | 21 | 36 | 14 | 29 |
2019 | 32 | 19 | 16 | 58 | 45 | 25 | 2 | 13 | 16 | 33 | |||
Larnaca | 2018 | 60 | 44 | 67 | 41 | 55 | 61 | 41 | 47 | 60 | 46 | 82 | 52 |
2019 | 54 | 82 | 47 | 73 | 83 | 42 | 90 | 53 | 67 | 81 | |||
Limassol | 2018 | 107 | 152 | 199 | 162 | 169 | 207 | 194 | 174 | 175 | 176 | 196 | 201 |
2019 | 166 | 152 | 192 | 291 | 329 | 138 | 177 | 134 | 176 | 144 | |||
Paphos | 2018 | 18 | 8 | 43 | 21 | 43 | 55 | 62 | 48 | 32 | 24 | 64 | 60 |
2019 | 30 | 31 | 28 | 69 | 175 | 69 | 54 | 54 | 34 | 66 | |||
Totals | 2018 | 308 | 306 | 431 | 329 | 436 | 473 | 470 | 382 | 385 | 408 | 497 | 450 |
2019 | 409 | 448 | 398 | 628 | 800 | 395 | 476 | 344 | 407 | 487 |
(Note that an unrecorded number of these local sales may have resulted from properties acquired by banks as part of loan restructuring agreements, etc.)
Overseas property sales
Total property sales to the overseas (non-Cypriot) market during October fell 19% compared to October 2018.
Although sales in Larnaca and Nicosia rose by 13% and 5% respectively, they fell in the remaining three districts.
Sales in Paphos fell by 30%, sales in Limassol fell by 26%, while sales in Famagusta fell by 19%.
During the first ten months of 2019, overseas sales have risen 5% 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 | 20 | |||
Famagusta | 2018 | 51 | 34 | 22 | 40 | 45 | 34 | 43 | 21 | 24 | 21 | 33 | 17 |
2019 | 21 | 29 | 29 | 38 | 42 | 18 | 47 | 17 | 24 | 17 | |||
Larnaca | 2018 | 52 | 55 | 49 | 42 | 58 | 72 | 71 | 47 | 61 | 70 | 61 | 51 |
2019 | 60 | 43 | 71 | 67 | 90 | 60 | 67 | 40 | 35 | 79 | |||
Limassol | 2018 | 118 | 104 | 115 | 84 | 113 | 131 | 120 | 88 | 76 | 113 | 148 | 89 |
2019 | 85 | 104 | 95 | 137 | 217 | 81 | 109 | 62 | 64 | 84 | |||
Paphos | 2018 | 146 | 155 | 129 | 136 | 158 | 125 | 171 | 108 | 120 | 180 | 166 | 170 |
2019 | 157 | 180 | 157 | 155 | 229 | 136 | 176 | 112 | 139 | 126 | |||
Totals | 2018 | 387 | 360 | 337 | 326 | 392 | 385 | 426 | 271 | 302 | 403 | 428 | 350 |
2019 | 357 | 386 | 368 | 429 | 623 | 319 | 420 | 244 | 285 | 326 |
Overseas sales (EU nationals)
Property sales to EU nationals fell 9% in October compared to October 2018. Although sales in Larnaca, Nicosia and Limassol rose by 77%, 25% and 11% respectively, they fell in both Paphos and Famagusta by 29%.
During the first ten months of 2019, sales to EU nationals have risen 8% 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 | 10 | |||
Famagusta | 2018 | 15 | 24 | 8 | 12 | 19 | 16 | 20 | 9 | 0 | 7 | 13 | 6 |
2019 | 9 | 6 | 14 | 17 | 10 | 8 | 17 | 14 | 10 | 5 | |||
Larnaca | 2018 | 9 | 9 | 9 | 6 | 9 | 20 | 15 | 11 | 15 | 13 | 11 | 19 |
2019 | 12 | 12 | 21 | 18 | 20 | 11 | 16 | 13 | 6 | 23 | |||
Limassol | 2018 | 15 | 17 | 32 | 17 | 19 | 22 | 25 | 24 | 11 | 27 | 38 | 20 |
2019 | 16 | 25 | 20 | 21 | 28 | 26 | 27 | 17 | 25 | 30 | |||
Paphos | 2018 | 41 | 58 | 55 | 49 | 70 | 60 | 79 | 55 | 49 | 91 | 74 | 73 |
2019 | 56 | 72 | 61 | 48 | 69 | 59 | 73 | 58 | 61 | 95 | |||
Totals | 2018 | 90 | 116 | 113 | 94 | 126 | 126 | 150 | 104 | 85 | 146 | 143 | 135 |
2019 | 107 | 129 | 125 | 123 | 147 | 120 | 146 | 107 | 110 | 133 |
Overseas sales (non-EU nationals)
Property sales to non-EU nationals continued on their downward path, falling by 25% in October compared to October 2018. (There has been a steady decline in sales since May following the introduction of more stringent criteria for non-EU nationals seeking a Cypriot passport and citizenship.)
Sales fell in all districts. Limassol was hardest hit with sales falling 30%, followed by Paphos, where they fell 31%, while sales in Famagusta, Nicosia and Larnaca fell 14%, 9% and 2% respectively.
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 | 10 | |||
Famagusta | 2018 | 36 | 10 | 14 | 28 | 26 | 18 | 23 | 12 | 24 | 14 | 20 | 9 |
2019 | 12 | 23 | 15 | 21 | 32 | 10 | 30 | 3 | 14 | 12 | |||
Larnaca | 2018 | 43 | 46 | 40 | 36 | 49 | 52 | 56 | 36 | 46 | 57 | 50 | 32 |
2019 | 48 | 31 | 50 | 49 | 70 | 49 | 51 | 27 | 29 | 56 | |||
Limassol | 2018 | 103 | 87 | 83 | 67 | 94 | 109 | 95 | 64 | 65 | 87 | 110 | 69 |
2019 | 69 | 79 | 75 | 116 | 189 | 55 | 82 | 45 | 39 | 54 | |||
Paphos | 2018 | 105 | 97 | 74 | 87 | 88 | 65 | 92 | 53 | 71 | 89 | 92 | 97 |
2019 | 101 | 108 | 96 | 107 | 160 | 77 | 103 | 54 | 78 | 61 | |||
Totals | 2018 | 297 | 244 | 224 | 232 | 266 | 259 | 276 | 167 | 217 | 257 | 285 | 215 |
2019 | 250 | 257 | 243 | 306 | 476 | 199 | 274 | 137 | 175 | 193 |
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 (Oct) |
3,757 | 4,792 | 43.9% | 8,549 |
Totals |
69,148 | 157,182 | 30.6% | 226,330 |
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).
I love the memories but, if visiting for first time, I wouldn’t buy there now.
Once bitten……
Nothing to do with the ordinary Cypriot people, who I’ve enjoyed the friendship of for over thirty years; but we all know where the buck stops…