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Tuesday 20th October 2020
Home Property Sales Annual property sales hit eleven year high

Annual property sales hit eleven year high

DECEMBER saw rise of 14 percent in the number of property sale contracts deposited at Land Registry offices across Cyprus compared to December 2018 with the annual total reaching 10,366; the highest number recorded since 2008 according to official figures published by the Department of Lands and Surveys.

Property sales – December 2019

During December a total of 910 contracts deposited compared to 800 in December 2018. Although the numbers in Paphos and Limassol fell by 4% and 2% respectively, they rose in the remaining three districts.

Property ales in Larnaca rose by 57%, while those in Famagusta and Nicosia (the capital) rose by 39% and 37% respectively.

Total Property Sale Contracts – 2018/2019 Comparison

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2018 146 96 126 117 153 146 176 91 118 145 161 131
2019 161 194 131 169 213 145 174 103 137 183 208 180
Famagusta 2018 48 52 40 52 79 61 61 50 45 57 47 48
2019 53 48 45 96 87 43 49 30 40 50 48 64
Larnaca 2018 112 99 116 83 113 133 112 94 121 116 143 103
2019 114 125 118 140 173 102 157 93 102 160 122 162
Limassol 2018 225 256 314 246 282 338 314 262 251 289 344 290
2019 251 256 287 428 546 219 286 196 240 228 296 284
Paphos 2018 164 163 172 157 201 180 233 156 152 204 230 230
2019 187 211 185 224 404 205 230 166 173 192 233 220
Totals 2018 695 666 768 655 828 858 896 653 687 811 925 800
2019 766 834 766 1057 1423 714 896 588 662 813 907 910

Annual sales

The total number of property sales during 2019 was the highest on record since 2008 (when 14,667 properties were sold) with sales rising in all districts.

In percentage terms, Nicosia saw the largest increase with sales up 44%. In equal second place were Larnaca and Paphos, where annual sales rose by 17%. Meanwhile sales in Limassol and Famagusta rose by 3% and 2% respectively.

Looking at the actual number of properties sold in each district, Limassol came in first place with the total number of properties sold reaching 3,517. Paphos came in second with 2,630 sales, with Nicosia in third place with 1,998 sales, Larnaca in fourth with 1,568 sales and finally Famagusta with 653 sales.

1 COMMENT

  1. How long will it take to get your title deeds. We bought property in 2003 and took delivery in 2004 but could not get our title deeds We had delivery of 3.5 years stated in our contract of sale we contacted our lawyer Paul (pavlos) efthymiou and started legal action for breach of contract we finally got at court hearing on 30th of May 2016 the hearing finished on 3rd June 2016 after the developers lawyer for the defendant g&b hadjidemosthenous Ltd. did not turn up in court it took 3 months for the judge m a Matthews to hear the final arguments this was on 28th of September 2016 and reserved his decision by October 2017 the judge had not made a decision our lawyer then got a hearing at Cyprus supreme court on 24th of October 2017 to ask the court to give the judge a deadline to make a decision on our case the judge m a Matthews made is decision on 30th November 2017 in our favour and awarded us 238000 euros plus interest the developer offered us to pay us in instalments our lawyer said this is the best way forward in which we agreed first instalment was on 31st may 2018 which was 100.000 euros then pay us every month 50.000 euros until settlement of court judgement we got our second payment on July 2018 and then the next one on 30th October 2018 we then had enough money to buy a house in UK we got our last payment October 2019 which was 81840.40 euros Inc legal fees and extra interest payments for delay payments in the end we received 263716.78 euros this worked out GBP 225476.58 which is good news the developer sold our property for 199000 euros so worked out well for us our lawyer never asked us for money the all time the case took we paid no legal fees all came out of the interest awarded our friends thought we would lose our case if we did win we would never get our money some friends we had.

    Ed: We purchased land in 1992 and received the deed in 1996. The delay was caused by the owner of the adjacent field claiming that a 5 metre strip of our land (and our neighbours) was his. This was resolved in our favour by the courts and we then got the deed. (There are people in Paphos who’ve been waiting for the deeds since the 1970s.)

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