Limassol, arguably the most cosmopolitan and vibrant coastal city in Cyprus and its environs, has become the most popular destination for overseas buyers seeking a place in the sun according to the latest monthly figures published by the island’s Lands and Surveys department.
For many years Paphos, on the western coast of the island, has been the most favoured destination for overseas buyers, but official sales figures for October reveal it’s lost out to Limassol for the first time in many years. Whether Paphos will regain its popularity remains to be seen.
Property sales to the overseas buyers (non-Cypriot) rose by 12% in October compared to the same month last year. Although sales in Larnaca and Paphos fell by 34% and 6% respectively, these falls were more than outweighed increased sales in Nicosia (up 85%), Limassol (up 63%) and Famagusta (up 29%).
Sales to overseas buyers in October accounted for 34% of total sales during the month.
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 | 11 | 21 | 14 | 21 | 37 | |||
Famagusta | 2019 | 21 | 29 | 29 | 38 | 42 | 18 | 47 | 17 | 24 | 17 | 35 | 38 |
2020 | 40 | 29 | 25 | 4 | 20 | 13 | 31 | 30 | 29 | 22 | |||
Larnaca | 2019 | 60 | 43 | 71 | 67 | 90 | 60 | 67 | 40 | 35 | 79 | 53 | 74 |
2020 | 71 | 54 | 50 | 11 | 31 | 38 | 59 | 36 | 42 | 52 | |||
Limassol | 2019 | 85 | 104 | 95 | 137 | 217 | 81 | 109 | 62 | 64 | 84 | 86 | 72 |
2020 | 82 | 89 | 67 | 49 | 39 | 52 | 87 | 51 | 80 | 137 | |||
Paphos | 2019 | 157 | 180 | 157 | 155 | 229 | 136 | 176 | 112 | 139 | 126 | 169 | 151 |
2020 | 113 | 142 | 55 | 51 | 89 | 83 | 87 | 68 | 88 | 118 | |||
Totals | 2019 | 357 | 386 | 368 | 429 | 623 | 319 | 420 | 244 | 285 | 326 | 364 | 361 |
2020 | 325 | 337 | 212 | 124 | 196 | 197 | 269 | 199 | 260 | 366 |
During the first ten months of 2020 sales to the overseas market have declined 34% compared to the same period last year.
Sales to EU nationals
Sales to the EU segment of the overseas property market in October accounted for 11% of total sales – and the number of sales fell 13% compared to October 2019.
Although sales in Famagusta, Nicosia and Limassol rose by 120%, 60% and 10% respectively, they fell by 39% in Larnaca and by 35% in Paphos.
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 | 7 | 16 | 11 | 14 | 16 | |||
Famagusta | 2019 | 9 | 6 | 14 | 17 | 10 | 8 | 17 | 14 | 10 | 5 | 9 | 23 |
2020 | 6 | 14 | 10 | 3 | 4 | 9 | 28 | 9 | 6 | 11 | |||
Larnaca | 2019 | 12 | 12 | 21 | 18 | 20 | 11 | 16 | 13 | 6 | 23 | 14 | 23 |
2020 | 21 | 13 | 11 | 0 | 3 | 6 | 19 | 17 | 14 | 14 | |||
Limassol | 2019 | 16 | 25 | 20 | 21 | 28 | 26 | 27 | 17 | 25 | 30 | 26 | 25 |
2020 | 28 | 30 | 11 | 12 | 14 | 15 | 28 | 12 | 39 | 33 | |||
Paphos | 2019 | 56 | 72 | 61 | 48 | 69 | 59 | 73 | 58 | 61 | 95 | 61 | 72 |
2020 | 40 | 60 | 25 | 24 | 21 | 18 | 44 | 32 | 49 | 42 | |||
Totals | 2019 | 107 | 129 | 125 | 123 | 147 | 120 | 146 | 107 | 110 | 133 | 125 | 157 |
2020 | 104 | 129 | 66 | 42 | 52 | 55 | 135 | 81 | 122 | 116 |
During the first ten months of 2020 sales to the EU segment of the overseas property market have fallen 28% compared to the same period last year.
Sales to non-EU nationals
Sales to the non-EU segment of the property market in October accounted for 23% of total sales, with the number of sale contracts deposited at Land Registry offices up 30% compared to October 2019.
While sales in Larnaca and Famagusta fell be 32% and 8% respectively, they rose in the remailing three districts.
Sales in Nicosia rose 110%, sales in Limassol rose 93%, while sales in Paphos rose by 25%.
We suspect that the rise in the number of sales, particularly in Limassol and Paphos, may be due to non-EU citizens rushing to meet the citizenship deadline of 1st November.
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 | 4 | 5 | 3 | 7 | 21 | |||
Famagusta | 2019 | 12 | 23 | 15 | 21 | 32 | 10 | 30 | 3 | 14 | 12 | 26 | 15 |
2020 | 34 | 15 | 15 | 1 | 16 | 4 | 3 | 21 | 23 | 11 | |||
Larnaca | 2019 | 48 | 31 | 50 | 49 | 70 | 49 | 51 | 27 | 29 | 56 | 39 | 51 |
2020 | 50 | 41 | 39 | 11 | 28 | 32 | 40 | 19 | 28 | 38 | |||
Limassol | 2019 | 69 | 79 | 75 | 116 | 189 | 55 | 82 | 45 | 39 | 54 | 60 | 47 |
2020 | 54 | 59 | 56 | 37 | 25 | 37 | 43 | 39 | 41 | 104 | |||
Paphos | 2019 | 101 | 108 | 96 | 107 | 160 | 77 | 103 | 54 | 78 | 61 | 108 | 79 |
2020 | 73 | 82 | 30 | 27 | 68 | 65 | 43 | 36 | 39 | 76 | |||
Totals | 2019 | 250 | 257 | 243 | 306 | 476 | 199 | 274 | 137 | 175 | 193 | 239 | 204 |
2020 | 221 | 208 | 146 | 82 | 144 | 142 | 134 | 118 | 138 | 250 |
During the first nine months of 2020 sales to the non-EU segment of the overseas market have fallen 42% compared to the same period last year.
Property sales to the domestic (Cypriot) market
Domestic sales performed strongly in October, increasing by 43% compared to the same month last year, with sales rising in all districts of the island.
Sales in Limassol rose by 84% and sales in Famagusta rose 76%. Meanwhile sales in Paphos, Larnaca and Nicosia rose by 27%, 25% and 17% 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 | 167 | 230 | 143 | 174 | 190 | |||
Famagusta | 2019 | 32 | 19 | 16 | 58 | 45 | 25 | 2 | 13 | 16 | 33 | 13 | 26 |
2020 | 10 | 18 | 16 | 6 | 8 | 43 | 29 | 9 | 30 | 58 | |||
Larnaca | 2019 | 54 | 82 | 47 | 73 | 83 | 42 | 90 | 53 | 67 | 81 | 69 | 88 |
2020 | 76 | 64 | 56 | 13 | 28 | 71 | 72 | 51 | 75 | 101 | |||
Limassol | 2019 | 166 | 152 | 192 | 291 | 329 | 138 | 177 | 134 | 176 | 144 | 210 | 212 |
2020 | 98 | 136 | 76 | 23 | 73 | 150 | 183 | 142 | 173 | 265 | |||
Paphos | 2019 | 30 | 31 | 28 | 69 | 175 | 69 | 54 | 54 | 34 | 66 | 64 | 69 |
2020 | 55 | 29 | 26 | 21 | 31 | 18 | 42 | 17 | 74 | 84 | |||
Totals | 2019 | 409 | 448 | 398 | 628 | 800 | 395 | 476 | 344 | 407 | 487 | 543 | 549 |
2020 | 417 | 402 | 298 | 92 | 223 | 449 | 556 | 362 | 526 | 698 |
During the first ten months of 2020 the number of sales to the domestic market has fallen by 16% compared to the same period last year.
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 (Oct) |
2,485 | 4,023 | 38.2% | 6,508 |
Totals |
72,358 | 162,297 | 30.8% | 234,655 |
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).