Cyprus Property News magazine for overseas buyers & real estate investors

Wednesday 30th September 2020
Home Property Sales August property sales weaken

August property sales weaken

Following successive monthly falls of 80% in April, 71% in May, 10% in June and 8% in July, Cyprus property sales in August fell by 5% according to official figures published by the Department of Lands and Surveys.

During August a total of 561 property sales contracts were deposited at Land Registry offices across the island compared to the 588 deposited in August last year.

But on a positive, the rate of decline is slowing and the number of property sales in Nicosia and Famagusta rose by 52% and 30% respectively.

However, on the negative side, sales in Paphos (the most popular area for foreign buyers) fell 49%, while sales in Larnaca and Limassol fell by 6% and 2% respectively.

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 38 100 178 251 157
Famagusta 2019 53 48 45 96 87 43 49 30 40 50 48 64
2020 50 47 41 10 28 56 60 39
Larnaca 2019 114 125 118 140 173 102 157 93 102 160 122 162
2020 147 118 106 24 59 109 131 87
Limassol 2019 251 256 287 428 546 219 286 196 240 228 296 284
2020 180 225 143 72 112 202 254 193
Paphos 2019 187 211 185 224 404 205 230 166 173 192 233 220
2020 168 171 81 72 120 101 129 85
Totals 2019 766 834 766 1057 1423 714 896 588 662 813 907 910
2020 742 739 510 216 419 646 825 561

Total property sales – year to date

In the first eight months of 2020 property sales are down by 34% compared to the same period in 2019, with sales falling in all districts.

Paphos has been hardest hit with sales down 47%, closely followed by Limassol where sales are down 44%. Meanwhile sales in Famagusta and Larnaca are down 27% and 24% respectively – and Nicosia appears to be staging a recovery with year-to-date sales down by just 4%.

In terms of the absolute numbers of property sales, Limassol leads the way with 1,381 sales followed by Nicosia with 1,238, Paphos (927), Larnaca (781) and finally Famagusta with 331.

The Department of Lands and Surveys has yet to publish a breakdown of the figures showing domestic and foreign sales. We’ll bring you the figures as soon as they’re published.

CYPRUS WEATHER FORECAST

EURO EXCHANGE RATES

EUR - Euro Member Countries
GBP
1.0952
RUB
0.0108
CNY
0.1249
CHF
0.9256

TOP STORIES

EU vows to take aim at ‘golden visa’ programmes

For years, wealthy Chinese have made investments in Cyprus and Malta in exchange for European Union passports – so-called golden visa transactions. Now, Brussels...

Wealthy Britons turn to Cypriot citizenship

The number of British entrepreneurs looking to "buy" citizenship from countries offering visa-free access to the European Union has risen sharply, investment migration firms...

Mixed outlook for real estate

BNP Paribas has released its second 2020 report regarding the property market outlook post-pandemic, presenting forecasts about real estate in uncertain times. The obvious differentiation...

you're currently offline