Cyprus Property News for home buyers and real estate investors

Wednesday 2nd December 2020
Home Property Sales Property sales top 1,000 in October

Property sales top 1,000 in October

Cyprus property sales rose 31 per cent in October compared to October 2019 according to the Department of Lands & Surveys, but we expect many sales are due to a last-minute rush of foreigners wishing to acquire Cypriot citizenship before Cyprus pulled the plug on its ‘golden passport’ scheme on 1st November in the wake of the revelations published by Al Jazeera.

In October 2019 a total of 1,064 contracts for the sale of property were deposited at Land Registry offices across the island compared to 813 in October 2019; an increase of 31%.

With the exception of Larnaca, where sales in October fell by 4%, the number of properties sold in the other four districts increased compared to the same month last year.

Limassol saw the sharpest rise, with sales up by 76%. (This isn’t too surprising as there are many hi-rise buildings under construction in the town targeted at well-heeled local and foreign property buyers.) Meanwhile, sales in Famagusta rose 60%, sales in Nicosia rose 24% and sales in Paphos rose 5%.

In terms of the actual number of sale contracts deposited, Limassol took first place with 402 followed by Nicosia (227), Paphos (202), Larnaca (153) and finally Famagusta with 80.

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 38 100 178 251 157 195 227
Famagusta 2019 53 48 45 96 87 43 49 30 40 50 48 64
2020 50 47 41 10 28 56 60 39 59 80
Larnaca 2019 114 125 118 140 173 102 157 93 102 160 122 162
2020 147 118 106 24 59 109 131 87 117 153
Limassol 2019 251 256 287 428 546 219 286 196 240 228 296 284
2020 180 225 143 72 112 202 254 193 253 402
Paphos 2019 187 211 185 224 404 205 230 166 173 192 233 220
2020 168 171 81 72 120 101 129 85 162 202
Totals 2019 766 834 766 1057 1423 714 896 588 662 813 907 910
2020 742 739 510 216 419 646 825 561 786 1,064

Total property sales – year to date

In the first ten months of 2020 property sales are down by 24% compared to the same period in 2019.

While sales in Nicosia have risen slightly (3%) compared to the numbers sold during the same period last year, other districts have yet to return to 2019 levels.

Sales in Paphos are down 41% and sales are down 31% in Limassol, while sales in Larnaca and Famagusta and are down 18% and 13% respectively.

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.

2 COMMENTS

  1. Every one of these 1064 sales contracts should be carefully scrutinised by an independent person or body to check that no shortcuts have been taken to rake in a few more fortunes.

  2. Undoubtedly – it is “last call for the remaining crims wanting to board the gravy train”. Train departing 31st Oct.

    Wouldn’t be surprised if there aren’t some stragglers this month either. The E.U ‘investigation’ probably likely to end up the usual, toothless, bureaucratic fudging exercise we’ve all grown wearyingly accustomed to.

    Some input on the likely ramifications of Brexit for people living and owing/selling up over there might be very useful soon though (that is – if we ever do ‘Brexit’ in anything but name only).

Comments are closed.

CYPRUS WEATHER FORECAST

EURO EXCHANGE RATES

EUR - Euro Member Countries
GBP
1.1077
RUB
0.0110
CNY
0.1265
CHF
0.9228

TOP STORIES

you're currently offline