Latest Headlines

Overseas property sales fall

There was an overall reduction in Cyprus property sales to overseas buyers in October, with sales to EU citizens falling by 9 per cent, while sales to non-EU citizens fell by 25 per cent.

Overseas property sales fall 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

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201812684104931351231558497126141108
201912716411513716812115390114163
Famagusta2018-31818123427182921361429
20193219165845252131633
Larnaca2018604467415561414760468252
201954824773834290536781
Limassol2018107152199162169207194174175176196201
2019166152192291329138177134176144
Paphos201818843214355624832246460
2019303128691756954543466
Totals2018308306431329436473470382385408497450
2019409448398628800395476344407487

(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

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201820122224182321721192023
201934301632452421132320
Famagusta2018513422404534432124213317
201921292938421847172417
Larnaca2018525549425872714761706151
201960437167906067403579
Limassol201811810411584113131120887611314889
2019851049513721781109626484
Paphos2018146155129136158125171108120180166170
2019157180157155229136176112139126
Totals2018387360337326392385426271302403428350
2019357386368429623319420244285326

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

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201810881098115108715
201914149192016135810
Famagusta20181524812191620907136
20199614171081714105
Larnaca20189996920151115131119
20191212211820111613623
Limassol2018151732171922252411273820
201916252021282627172530
Paphos2018415855497060795549917473
201956726148695973586195
Totals2018901161139412612615010485146143135
2019107129125123147120146107110133

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

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201810413149151021111138
20192017713258881510
Famagusta201836101428261823122414209
20191223152132103031412
Larnaca2018434640364952563646575032
201948315049704951272956
Limassol2018103878367941099564658711069
20196979751161895582453954
Paphos20181059774878865925371899297
20191011089610716077103547861
Totals2018297244224232266259276167217257285215
2019250257243306476199274137175193

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 (Oct)
3,7574,79243.9%8,549
Totals
69,148157,18230.6%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).

Readers' comments

Comments on this article are no longer being accepted.

  • Deanna says:

    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…

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.

SELECTED REPORTS

Back to top