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Tuesday 20th October 2020
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Property sales show signs of recovery

Following five successive months of falls in the number of Cyprus property sales, the Department of Lands and Surveys reported a double-digit increase in sales during September compared to September 2019.

During September 2020, a total of 768 contracts for the sale of property were deposited at Land Registry offices across the island compared to 692 in September 2019; an increase of 14%.

With the exception of Paphos, where sales in September fell by 6%, the number of properties sold in the other four districts increased compared to the same month last year.

Sales in Famagusta rose by 48%, followed by Nicosia where they increased by 42%. Sales in Larnaca and Limassol rose by 15% and 5% respectively.

In terms of the actual number of sale contracts deposited, Limassol took first place with 253 followed by Nicosia (195), Paphos (162), Larnaca (117) and finally Famagusta with 59 sale contracts.

It’s too early to say whether the recovery will be sustained, but the increase in sales is an encouraging sign for the future.

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 38 100 178 251 157 195
Famagusta 2019 53 48 45 96 87 43 49 30 40 50 48 64
2020 50 47 41 10 28 56 60 39 59
Larnaca 2019 114 125 118 140 173 102 157 93 102 160 122 162
2020 147 118 106 24 59 109 131 87 117
Limassol 2019 251 256 287 428 546 219 286 196 240 228 296 284
2020 180 225 143 72 112 202 254 193 253
Paphos 2019 187 211 185 224 404 205 230 166 173 192 233 220
2020 168 171 81 72 120 101 129 85 162
Totals 2019 766 834 766 1057 1423 714 896 588 662 813 907 910
2020 742 739 510 216 419 646 825 561 786

Total property sales – year to date

In the first nine months of 2020 property sales are down by 30% compared to the same period in 2019.

While sales in Nicosia have risen slightly compared to the numbers sold during the first nine months of 2019, other districts have yet to return to 2019 levels.

Sales in Paphos are down 45% and sales are down 40% in Limassol, while sales in Famagusta and Larnaca are down 21% and 20% respectively.

In terms of the actual number of sale contracts deposited over the first nine months of 2020, Limassol is in first place with 1634 followed by Nicosia (1433), Paphos (1089), Larnaca (898) and Famagusta (390).

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.

4 COMMENTS

  1. Hi Nigel
    Until Cyprus deals with the Swiss Franc mortgage fraud, title deeds issue and corruption in the legal system the property market will struggle to recover. People have long memories and continue to give the property market bad reviews.

    • The problem now Brian is that the developers are developing new markets in non-English speaking countries whose citizens haven’t a clue of what’s happened here with Title Deeds, CHF loans, etc.

  2. Hi Nigel, just a thought, could this be due to the number of property owners who have given back their properties to the banks to be able to walk away as these would be registered with the land registry

    • That’s unlikely – no-one to my knowledge has been able to walk away. Some of these may be properties that the banks have repossessed, but there’s no way of knowing.

Comments are closed.

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