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
District | Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nicosia | 2019 | 127 | 164 | 115 | 137 | 168 | 121 | 153 | 90 | 114 | 163 | 187 | 154 |
2020 | 178 | ||||||||||||
Famagusta | 2019 | 32 | 19 | 16 | 58 | 45 | 25 | 2 | 13 | 16 | 33 | 13 | 26 |
2020 | 10 | ||||||||||||
Larnaca | 2019 | 54 | 82 | 47 | 73 | 83 | 42 | 90 | 53 | 67 | 81 | 69 | 88 |
2020 | 76 | ||||||||||||
Limassol | 2019 | 166 | 152 | 192 | 291 | 329 | 138 | 177 | 134 | 176 | 144 | 210 | 212 |
2020 | 98 | ||||||||||||
Paphos | 2019 | 30 | 31 | 28 | 69 | 175 | 69 | 54 | 54 | 34 | 66 | 64 | 69 |
2020 | 55 | ||||||||||||
Totals | 2019 | 409 | 448 | 398 | 628 | 800 | 395 | 476 | 344 | 407 | 487 | 543 | 549 |
2020 | 417 |
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
District | Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nicosia | 2019 | 14 | 14 | 9 | 19 | 20 | 16 | 13 | 5 | 8 | 10 | 15 | 14 |
2020 | 9 | ||||||||||||
Famagusta | 2019 | 9 | 6 | 14 | 17 | 10 | 8 | 17 | 14 | 10 | 5 | 9 | 23 |
2020 | 6 | ||||||||||||
Larnaca | 2019 | 12 | 12 | 21 | 18 | 20 | 11 | 16 | 13 | 6 | 23 | 14 | 23 |
2020 | 21 | ||||||||||||
Limassol | 2019 | 16 | 25 | 20 | 21 | 28 | 26 | 27 | 17 | 25 | 30 | 26 | 25 |
2020 | 28 | ||||||||||||
Paphos | 2019 | 56 | 72 | 61 | 48 | 69 | 59 | 73 | 58 | 61 | 95 | 61 | 72 |
2020 | 40 | ||||||||||||
Totals | 2019 | 107 | 129 | 125 | 123 | 147 | 120 | 146 | 107 | 110 | 133 | 125 | 157 |
2020 | 104 |
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
District | Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nicosia | 2019 | 20 | 17 | 7 | 13 | 25 | 8 | 8 | 8 | 15 | 10 | 6 | 12 |
2020 | 10 | ||||||||||||
Famagusta | 2019 | 12 | 23 | 15 | 21 | 32 | 10 | 30 | 3 | 14 | 12 | 26 | 15 |
2020 | 34 | ||||||||||||
Larnaca | 2019 | 48 | 31 | 50 | 49 | 70 | 49 | 51 | 27 | 29 | 56 | 39 | 51 |
2020 | 50 | ||||||||||||
Limassol | 2019 | 69 | 79 | 75 | 116 | 189 | 55 | 82 | 45 | 39 | 54 | 60 | 47 |
2020 | 54 | ||||||||||||
Paphos | 2019 | 101 | 108 | 96 | 107 | 160 | 77 | 103 | 54 | 78 | 61 | 108 | 79 |
2020 | 73 | ||||||||||||
Totals | 2019 | 250 | 257 | 243 | 306 | 476 | 199 | 274 | 137 | 175 | 193 | 239 | 204 |
2020 | 221 |
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
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 |
4,482 | 5,884 | 43.2% | 10,366 |
2020 (Jan) |
325 | 417 | 43.8% | 742 |
Totals |
70,198 | 158,691 | 30.7% | 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).