Cyprus Property News for home buyers & real estate investors in Cyprus

3rd December 2021
Cyprus Property News logo
HomeProperty NewsPaphos sales plummet 70 per cent

Paphos sales plummet 70 per cent

Property sales in Paphos to non-EU citizens plummeted 70% in November compared to November 2019 following the cancellation of Cyprus’ Citizen-by-Investment (aka Golden Passport) scheme according to figures from the Department of Lands & Surveys.

Famagusta and Larnaca also reported falls of 65% and 46% respectively, but sales in Limassol and Nicosia (the capital) remained steady.

The total number of sales to non-EU citizens during November fell 46%.

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 6
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 9
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 21
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 60
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 32
Totals 2019 250 257 243 306 476 199 274 137 175 193 239 204
2020 221 208 146 82 144 142 134 118 138 250 128

In the first eleven months of the year property sales to non-EU nationals have fallen 38% compared to the same period last year.

Sales to EU nationals

Property sales to EU citizens fared better, falling by just 1% in November compared to November 2019.

Although sales in Larnaca and Paphos fell by 29% and 3% respectively, they held steady in Nicosia and rose 33% in Famagusta and 8% in Limassol.

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 15
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 12
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 10
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 28
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 59
Totals 2019 107 129 125 123 147 120 146 107 110 133 125 157
2020 104 129 66 42 52 55 135 81 122 116 124

In the first eleven months of the year property sales to EU nationals have fallen 25% compared to the same period last year.

Total overseas sales

The combined total of sales to EU citizens and non-EU citizens during November accounted for 35% of all sales during the month – and fell by 31% compared to November 2019.

While sales rose by 2% in Limassol and held steady in Nicosia, they fell by 46% in Paphos, 42% in Larnaca and 40% in Famagusta.

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 21
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 21
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 31
Limassol 2019 85 104 95 137 217 81 109 62 64 84 86 72
2020 82 89 67 49 39 52 71 51 80 137 88
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 91
Totals 2019 257 386 368 429 623 519 420 244 285 326 364 361
2020 325 337 212 124 196 197 269 199 260 366 252

During the first eleven months of the year property sales to the overseas market have fallen 34% compared to the same period last year, with sales down in all districts.

Property sales to the domestic (Cypriot) market

Domestic sales also weakened in November, falling by 13% compared to the same month last year.

While sales in Famagusta rose by 131% and sales in Larnaca and Nicosia rose by 19% and 5% respectively, they fell 63% in Famagusta and 34% in Limassol.

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 83 167 230 143 174 190 196
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 30
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 82
Limassol 2019 166 152 192 291 329 138 177 134 176 144 210 212
2020 98 136 76 23 73 150 183 142 173 265 139
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 24
Totals 2019 409 448 398 628 800 395 476 344 407 487 543 549
2020 417 402 298 92 223 449 556 362 526 698 471

During the first eleven months of the year domestic sales have fallen 16%. With the exception of Nicosia, where an 8% rise has been recorded, sales in the remaining four districts has fallen.

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 (Nov)
2,737 4,494 37.9% 7,231
Totals
72,610 162,768 30.8% 235,378

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).

2 COMMENTS

  1. As one of the innocent victims, who suffered significant financial loss due to corruption in the property market in Cyprus, I can’t help but smile when I read this report. The developers, legal system and government officials should hold their heads in shame making Cyprus a place to avoid.

    The country is sadly tarnished and will be avoided by potential buyers until they get their “house” in order and compensate buyers and rebuild trust.

    • Sorry for your loss.
      Would you like to share more info about your case so at least others can learn from your sad experience?

      Thank you so much

Comments are closed.

Sign up to receive our free Cyprus property newsletter

We guarantee that we do not spam and will not divulge your email address to any third party.

Read our privacy policy for more information.

Cyprus property transfer fees

Property capital gains tax (CGT) calculator

EUR - Euro Member Countries
GBP
1.1763
RUB
0.0120
CNY
0.1388
CHF
0.9619

Top Stories