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19th April 2024
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HomeNewsOverseas property sales fall

Overseas property sales fall

Overseas property sales fallFIGURES 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).

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1 COMMENT

  1. 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…

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