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Thursday 9th July 2020
Home Property Sales Property sales record sharp drop in May

Property sales record sharp drop in May

WITH THE COVID-19 pandemic affecting almost every sector of Cyprus economy, including the real estate market where the number of property sales contracts deposited at Land Registry offices across the island recorded a sharp drop of 71% in May according to official figures from the Department of Lands and Surveys.

Limassol was the hardest hit with sales falling by 79% compared to May 2019, while Paphos suffered a fall of 70%. Meanwhile, sales in Famagusta, Larnaca and Nicosia fell by 68%, 66% and 53% respectively.

However, it should be remembered that there was a huge spike in sales in May 2019 as many foreigners rushed to by property before more stringent criteria were imposed on foreigners seeking a Cypriot passport under the provisions of the government’s “Cyprus Investment Programme“.

Total Property Sale Contracts – 2019/2020 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2019161194131169213145174103137183208180
202019717813938100
Famagusta2019534845968743493040504864
20205047411028
Larnaca201911412511814017310215793102160122162
20201471181062459
Limassol2019251256287428546219286196240228296284
202018022514372112
Paphos2019187211185224404205230166173192233220
20201681718172120
Totals201976683476610571423714896588662813907910
2020742739510216419

During the first five months of 2020 property sales have fallen by 46%.

Domestic property sales

Property sales to the domestic market (which accounted for 53% of all sales in the month) fell by 72% compared to May 2019 with sales falling in all districts.

Paphos and Famagusta saw the biggest fall, down 82% compared to the same month last year. Sales in Limassol fell 78%, while sales in Larnaca and Nicosia fell 66% and 51% respectively

Domestic Property Sale Contracts – 2019/2020 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201912716411513716812115390114163187154
20201781551242983
Famagusta201932191658452521316331326
202010181668
Larnaca2019548247738342905367816988
20207664561328
Limassol2019166152192291329138177134176144210212
202098136762373
Paphos20193031286917569545434666469
20205529262131
Totals2019409448398628800395476344407487543549
202041740229892223

During the first five months of 2020 property sales to the domestic market have fallen by 47%.

Overseas property sales

Property sales to the overseas market fell by 69% compared to May 2019 with sales falling in all districts.

Sales in Limassol fell 82%, sales in Larnaca fell 66%, sales in Nicosia were down 62% and sales in Paphos and Famagusta were down 61% and 52% respectively.

Total Overseas Property Sale Contracts – 2019/2020 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2019343016324524211323202126
2020192315917
Famagusta2019212929384218471724173538
2020402925420
Larnaca2019604371679060674035795374
20207154501131
Limassol20198510495137217811096264848672
20208289674939
Paphos2019157180157155229136176112139126169151
2020113142555189
Totals2019357386368429623319420244285326364361
2020325337212124196

During the first five months of 2020 property sales to the overseas market have fallen by 45%.

Sales to EU citizens

Property sales to the EU segment of the overseas market fell by 65% compared to May 2019 with sales falling in all districts.

Larnaca was hardest hit with sales falling by 85%. Sales in Paphos fell 70%, while sales in Famagusta fell 60% and sales in both Limassol and Nicosia fell 50%.

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

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2019141491920161358101514
20209129310
Famagusta20199614171081714105923
20206141034
Larnaca201912122118201116136231423
202021131103
Limassol2019162520212826271725302625
20202830111214
Paphos2019567261486959735861956172
20204060252421
Totals2019107129125123147120146107110133125157
2020104129664252

During the first five months of 2020 property sales to the EU segment of the overseas property market have fallen by 38%.

Sales to non-EU citizens

Property sales to the non-EU segment of the overseas market fell by 70% compared to May 2019 with sales falling in all districts.

Limassol reported the biggest fall with sales falling by 87% compared to May 2019, while Nicosia suffered a fall of 72%. Meanwhile, sales in Larnaca, Paphos and Famagusta fell by 60%, 58% and 50% respectively.

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

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia20192017713258881510612
20201011667
Famagusta201912231521321030314122615
2020341515116
Larnaca2019483150497049512729563951
20205041391128
Limassol201969797511618955824539546047
20205459563725
Paphos2019101108961071607710354786110879
20207382302768
Totals2019250257243306476199274137175193239204
202022120814682144

During the first five months of 2020 property sales to the non-EU segment of the overseas property market have fallen by 48%.

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 (May)
 1,1941,43245.5%2,626
Totals
71,067159,70630.8%230,773

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).

1 COMMENT

  1. How many of these “sales” have been made to, or by Banks from re-possessed properties under CHF contracts that contain unfair terms which the Cyprus Court has no procedure for examining, but the Croation court (and others) has anulled because of invalidity and the CJEU under settled case law requires an ex officio examination?

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