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Thursday 22nd October 2020
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Cyprus property sales recovering

Property sales in Cyprus showed signs of making a recovery in June following the Government’s easing of the COVID-19 lockdown measures and its decision to subsidise housing loans according to official figures from the Department of Lands and Surveys.

During June a total of 646 property sales contracts were deposited at Land Registry offices across the island compared to the 714 deposited in June last year. Although this represents a fall of 10%, it’s a significant improvement on the 80% fall in April and the 71% fall in May.

This recovery has been helped by the Government easing the COVID-19 lockdown measures and its decision to introduce an interest rate subsidy for new housing loans. The subsidy will benefit many to take advantage of cheap borrowing costs for four years. (Also, many properties are being offered for sale at a discount of up to 20%.)

During June, Famagusta reported a rise in property sales of 30%, followed by a rise of 23% in Nicosia and a rise of 7% in Larnaca compared to June last year.

However, these rises were outweighed by falls in the districts most popular with overseas buyers – Paphos, where sales fell by 51% and Limassol, where sales fell by 8%.

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 38 100 178
Famagusta 2019 53 48 45 96 87 43 49 30 40 50 48 64
2020 50 47 41 10 28 56
Larnaca 2019 114 125 118 140 173 102 157 93 102 160 122 162
2020 147 118 106 24 59 109
Limassol 2019 251 256 287 428 546 219 286 196 240 228 296 284
2020 180 225 143 72 112 202
Paphos 2019 187 211 185 224 404 205 230 166 173 192 233 220
2020 168 171 81 72 120 101
Totals 2019 766 834 766 1057 1423 714 896 588 662 813 907 910
2020 742 739 510 216 419 646

Total property sales – year to date

In the first half of 2020 property sales have fallen by 41% compared to 2019, with sales down in all districts.

Sales in Limassol have fallen by 53%, followed by Paphos, where sales are down 50%. Meanwhile, sales in Famagusta, Larnaca and Famagusta have fallen 38%, 27% and 18% respectively.

1 COMMENT

  1. Many foreign buyers where hit by swiss franc currency and over valuation of new property sales in the 2008 plus. Recovery of 2019 property prices where improving but still 30% below 2008 valuations. With up to 20% discount to purchase price, due to covid-19 and tourist sector decline, their is little evidence prices will improve in the next 2 years plus, many buyers from 2008 will still be holding big losses for now and in the future.

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