Following the termination of the Citizen-by-Investment (aka Golden Passport) scheme at the start of the month in the aftermath of Al Jazeera Cyprus Papers, property sales fell by a fifth in November compared with the same month last year.
In November 2020 a total of 723 contracts for the sale of property were deposited at Land Registry offices across the island compared to 907 in November 2019; a all of 20%, which followed monthly increases of 14% in September and 31% in October.
With the exception of Famagusta and Nicosia, where sales rose by 6% and 4% respectively, they fell in the remaining three districts.
The two districts most popular with overseas investors took the full brunt of the fall with sales in Paphos falling 51% and sales in Limassol falling 23%. Property sales in Larnaca fell by 7%.
Total Property Sale Contracts – 2019/2020 Comparison
Total property sales – year to date
In the first eleven 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 42% and 30% in Limassol, while sales in Larnaca and Famagusta and are down 17% and 12% 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.