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Saturday, June 6, 2020
Home Property Sales Cyprus property sales fall in February

Cyprus property sales fall in February

A SECOND disappointing month for the Cyprus property market saw sales falling by 11% in February compared with February 2019 with sales falling in all of the island’s five districts according to the Department of Lands & Surveys.

Paphos was hardest hit with the number of sales contracts deposited at the District Lands Office dropping by 19%, while Limassol suffered a fall of 12%. Meanwhile, the number of contracts deposited in Nicosia, Larnaca and Famagusta fell by 8%, 6% and 2% respectively.

Total Property Sale Contracts – 2019/2020 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2019161194131169213145174103137183208180
2020197178
Famagusta2019534845968743493040504864
20205047
Larnaca201911412511814017310215793102160122162
2020147118
Limassol2019251256287428546219286196240228296284
2020180225
Paphos2019187211185224404205230166173192233220
2020168171
Totals201976683476610571423714896588662813907910
2020742739

In the first two months of the year, Limassol remains the most popular with those buying property followed by Nicosia (the capital), Paphos, Larnaca and Famagusta. The only district to record a rise in sales during the first two months is Larnaca.

Domestic property sales

Property sales to the domestic market (which accounted for 54% of all sales in the month) fell by 10% compared to February 2019 with sales falling in all districts.

Larnaca saw the biggest fall, down 22% compared to the same month last year. Sales in Limassol fell 11%, sales in Paphos fell 6% and sales in both Nicosia and Famagusta fell by 5%.

Domestic Property Sale Contracts – 2019/2020 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201912716411513716812115390114163187154
2020178155
Famagusta201932191658452521316331326
20201018
Larnaca2019548247738342905367816988
20207664
Limassol2019166152192291329138177134176144210212
202098136
Paphos20193031286917569545434666469
20205529
Totals2019409448398628800395476344407487543549
2020417402

In the first two months of 2019, sales to the domestic market have fallen by 4%. Although sales in Paphos, Nicosia and Larnaca have risen by 38%, 14% and 3% respectively, falls of 45% in Famagusta and 26% in Limassol have more than wiped out the rises in the other three districts.

Overseas property sales

Property sales to the overseas market fell by 13% compared to February 2019 with sales falling in three of the island’s five districts.

While sales in Larnaca rose by 26% and sales in Famagusta remained steady, they fell 23% in Nicosia, 21% in Paphos and 14% in Limassol.

Total Overseas Property Sale Contracts – 2019/2020 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2019343016324524211323202126
20201923
Famagusta2019212929384218471724173538
20204029
Larnaca2019604371679060674035795374
20207154
Limassol20198510495137217811096264848672
20208289
Paphos2019157180157155229136176112139126169151
2020113142
Totals2019357386368429623319420244285326364361
2020325337

In the first two months of 2019 sales to the overseas market have fallen 11% compared to the same period last year.

Although sales in the coastal town of Famagusta and Larnaca, the lower priced areas of Cyprus for buying property, have risen by 38% and 21% respectively, sales in Nicosia are down 34%, sales in Paphos are down 24% and sales in Limassol are down 10%

Sales to EU citizens

Sales to EU citizens remained steady compared to February 2019 with sales rising in three of the island’s five districts.

While property sales in Famagusta, Limassol and Larnaca rose by 133%, 20% and 8% respectively, they fell by 17% in Paphos and by 14% in Nicosia.

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

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2019141491920161358101514
2020912
Famagusta20199614171081714105923
2020614
Larnaca201912122118201116136231423
20202113
Limassol2019162520212826271725302625
20202830
Paphos2019567261486959735861956172
20204060
Totals2019107129125123147120146107110133125157
2020104129

In the first two months of 2020 sales to EU citizens have fallen 1% compared to the same period last year.

Although sales in Larnaca, Limassol and Famagusta have risen by 42%, 41% and 33% respectively, they have fallen by 25% in Nicosia and 22% in Paphos.

Sales to non-EU citizens

Sales to non-EU citizens fell 19% compared to February 2019 with sales falling in all districts with the exception of Larnaca where the rose 32%.

Property sales in Famagusta fell 35%, while sales in Nicosia fell 31%. Meanwhile sales in Limassol and Paphos fell by 25% and 24% respectively.

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

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia20192017713258881510612
20201011
Famagusta201912231521321030314122615
20203415
Larnaca2019483150497049512729563951
20205041
Limassol201969797511618955824539546047
20205459
Paphos2019101108961071607710354786110879
20207382
Totals2019250257243306476199274137175193239204
2020221208

In the first two months of 2020 sales to non-EU citizens have fallen 15% compared to the same period last year.

Although sales in Famagusta and Larnaca have risen by 40% and 15% respectively, they’ve fallen 42% in Nicosia, 26% in Paphos and 24% in Limassol.

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 (Feb)
662 819 44.7%1,481
Totals
70,535159,09330.7%229,628

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).

2 COMMENTS

  1. How many of these properties have been repossessed by the Banks and are being sold again for 40-60% less than they were bought for in 2006-8 (by gullible foreigners) or even just being transferred to Banks because title deeds are starting to be issued (12+ years down the line, when they were promised in 3-5)? Bank’s get special treatment and don’t have to pay the transfer fees, like the rest of us. Villas with title deeds are “a valuable asset” and eminently more saleable. Sales may be stepping up because villas with deeds are easier to transfer / sell.

  2. Sad to hear that buyers have ‘found’ Famagusta….it means the beginning of the end of natural beauty in this part of the island….

Comments are closed.

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