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).
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?