Home Property News Property sales slump 20 per cent

Property sales slump 20 per cent

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

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 38 100 178 251 157 195 227 217
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 51
Larnaca 2019 114 125 118 140 173 102 157 93 102 160 122 162
2020 147 118 106 24 59 109 131 87 117 153 113
Limassol 2019 251 256 287 428 546 219 286 196 240 228 296 284
2020 180 225 143 72 112 202 254 193 253 402 227
Paphos 2019 187 211 185 224 404 205 230 166 173 192 233 220
2020 168 171 81 72 120 101 129 85 162 202 115
Totals 2019 766 834 766 1057 1423 714 896 588 662 813 907 910
2020 742 739 510 216 419 646 825 561 786 1,064 723

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.

2 COMMENTS

  1. Would be interesting to see whether only the number of sales declined or prices as well. And for which types of property.

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