Cyprus Property News magazine for overseas buyers & real estate investors

Sunday, May 31, 2020
Home Property Sales Twice as many property sales to non-EU citizens

Twice as many property sales to non-EU citizens

NON-EU citizens buying property deposited more than twice the number of contracts at Land Registry offices than EU citizens in January, but with a greater emphasis on the less expensive areas of Famagusta and Larnaca compared to January 2019.

As we reported on Tuesday the first month of the new decade saw a 3 per cent fall in property sales compared to January 2019.

Official figures published on Friday reveal that of the 742 sales contracts for the purchase of property, 417 (44%) were deposited by local (Cypriot) purchasers and the remaining 325 (56%) were deposited by foreign buyers of whom 104 (14%) were EU citizens and 221 (30%) were non-EU citizens.

Looking at sales for each of the three market segments:

Domestic property sales

Property sales to the domestic market, which accounted for 44% of all sales, rose 2% in January compared with January 2019.

While sales in Famagusta and Limassol fell by 69% and 41% respectively, they rose in the remaining three districts. Sales in Paphos rose by 83%, while sales in Larnaca and Nicosia rose by 41% and 40% respectively.

Domestic Property Sale Contracts – 2019/2020 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201912716411513716812115390114163187154
2020178
Famagusta201932191658452521316331326
202010
Larnaca2019548247738342905367816988
202076
Limassol2019166152192291329138177134176144210212
202098
Paphos20193031286917569545434666469
202055
Totals2019409448398628800395476344407487543549
2020417

Nicosia had the highest number of sales (178), followed by Limassol (98), Larnaca (76), Paphos (55) and finally Famagusta (10).

EU property sales

Property sales to the overseas EU market, which accounted for 14% of all sales, fell 3% compared to January 2019.

While sales in Larnaca and Limassol each rose by 75%, these increases were wiped out by falls of 36% in Nicosia, 33% in Famagusta and 29% in Paphos.

Foreign (EU) Property Sale Contracts – 2019/2020 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2019141491920161358101514
20209
Famagusta20199614171081714105923
20206
Larnaca201912122118201116136231423
202021
Limassol2019162520212826271725302625
202028
Paphos2019567261486959735861956172
202040
Totals2019107129125123147120146107110133125157
2020104

Paphos remained as the most popular place to by property with the number of sales standing at 40. Paphos was followed by Limassol with 28 sales, Larnaca 21, Nicosia 9 and finally Famagusta with 6 sales.

Non-EU sales

Property sales to the non-EU citizens, which accounted for 30% of all sales and twice the number of sales to EU nationals fell 12% compared to January 2019.

Although sales rose by 183% in Famagusta and 4% in Larnaca, they fell in the remaining three districts. Sales in Nicosia fell 50%, in Paphos they fell 28% and in Limassol by 22%.

It’s noticeable that properties in the two districts where sales rose (Famagusta and Larnaca) are generally less expensive than the other coastal towns of Limassol and Paphos – and the capital, Nicosia.

Foreign (Non-EU) Property Sale Contracts – 2019/2020 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia20192017713258881510612
202010
Famagusta201912231521321030314122615
202034
Larnaca2019483150497049512729563951
202050
Limassol201969797511618955824539546047
202054
Paphos2019101108961071607710354786110879
202073
Totals2019250257243306476199274137175193239204
2020221

The largest number of properties were sold in Paphos (73), followed by Limassol (54), Larnaca (50), Famagusta (34) and Nicosia (10).

Now that the UK has ceased to be a member of the European Union, it seems likely that that February sales to non-EU nationals will include UK citizens.

Analysis of property sales since 2000

Cyprus Property Sale Contracts 2000 – 2020

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
4,4825,88443.2%10,366
2020 (Jan)
325 417 43.8%742
Totals
70,198158,69130.7%228,889

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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