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Wednesday 30th September 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

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2019 161 194 131 169 213 145 174 103 137 183 208 180
2020 197 178 139 38 100
Famagusta 2019 53 48 45 96 87 43 49 30 40 50 48 64
2020 50 47 41 10 28
Larnaca 2019 114 125 118 140 173 102 157 93 102 160 122 162
2020 147 118 106 24 59
Limassol 2019 251 256 287 428 546 219 286 196 240 228 296 284
2020 180 225 143 72 112
Paphos 2019 187 211 185 224 404 205 230 166 173 192 233 220
2020 168 171 81 72 120
Totals 2019 766 834 766 1057 1423 714 896 588 662 813 907 910
2020 742 739 510 216 419

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

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 178 155 124 29 83
Famagusta 2019 32 19 16 58 45 25 2 13 16 33 13 26
2020 10 18 16 6 8
Larnaca 2019 54 82 47 73 83 42 90 53 67 81 69 88
2020 76 64 56 13 28
Limassol 2019 166 152 192 291 329 138 177 134 176 144 210 212
2020 98 136 76 23 73
Paphos 2019 30 31 28 69 175 69 54 54 34 66 64 69
2020 55 29 26 21 31
Totals 2019 409 448 398 628 800 395 476 344 407 487 543 549
2020 417 402 298 92 223

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

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2019 34 30 16 32 45 24 21 13 23 20 21 26
2020 19 23 15 9 17
Famagusta 2019 21 29 29 38 42 18 47 17 24 17 35 38
2020 40 29 25 4 20
Larnaca 2019 60 43 71 67 90 60 67 40 35 79 53 74
2020 71 54 50 11 31
Limassol 2019 85 104 95 137 217 81 109 62 64 84 86 72
2020 82 89 67 49 39
Paphos 2019 157 180 157 155 229 136 176 112 139 126 169 151
2020 113 142 55 51 89
Totals 2019 357 386 368 429 623 319 420 244 285 326 364 361
2020 325 337 212 124 196

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

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 12 9 3 10
Famagusta 2019 9 6 14 17 10 8 17 14 10 5 9 23
2020 6 14 10 3 4
Larnaca 2019 12 12 21 18 20 11 16 13 6 23 14 23
2020 21 13 11 0 3
Limassol 2019 16 25 20 21 28 26 27 17 25 30 26 25
2020 28 30 11 12 14
Paphos 2019 56 72 61 48 69 59 73 58 61 95 61 72
2020 40 60 25 24 21
Totals 2019 107 129 125 123 147 120 146 107 110 133 125 157
2020 104 129 66 42 52

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

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 11 6 6 7
Famagusta 2019 12 23 15 21 32 10 30 3 14 12 26 15
2020 34 15 15 1 16
Larnaca 2019 48 31 50 49 70 49 51 27 29 56 39 51
2020 50 41 39 11 28
Limassol 2019 69 79 75 116 189 55 82 45 39 54 60 47
2020 54 59 56 37 25
Paphos 2019 101 108 96 107 160 77 103 54 78 61 108 79
2020 73 82 30 27 68
Totals 2019 250 257 243 306 476 199 274 137 175 193 239 204
2020 221 208 146 82 144

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

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 (May)
 1,194 1,432 45.5% 2,626
Totals
71,067 159,706 30.8% 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?

Comments are closed.

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