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Wednesday 27th January 2021
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Home Property Sales Fall in property sales hits all market segments

Fall in property sales hits all market segments

The year-end fall in property sales we reported yesterday has affected all market segments according to official statistics published by the Department of Lands and Surveys.

Domestic sales

Property sales to the domestic market, which accounted for 66% of all sales in December, fell 11% compared to December 2019.

Although the number of sales recorded in Nicosia rose by 2%, they fell in the remaining four districts.

Sales in Limassol fell 25%, followed by Paphos (down 7%), Famagusta (down 4%) and Larnaca (down 3%).

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 83 167 230 143 174 190 196 157
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 25
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 85
Limassol 2019 166 152 192 291 329 138 177 134 176 144 210 212
2020 98 136 76 23 73 150 183 142 173 265 139 158
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 64
Totals 2019 409 448 398 628 800 395 476 344 407 487 543 549
2020 417 402 298 92 223 449 556 362 526 698 471 489

(Note that some of these domestic sales may have resulted from properties acquired by banks as part of loan restructuring agreements, etc.)

Sales to EU citizens

Property sales to EU citizens, which accounted for 17% of all sales in December, fell 19% compared to December 2019.

Although sales in Nicosia rose 21% and sales in Limassol remained steady, they fell 48% in Nicosia, 25% in Paphos and 17% in Larnaca.

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 17
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 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 19
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 25
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 54
Totals 2019 107 129 125 123 147 120 146 107 110 133 125 157
2020 104 129 66 42 52 55 135 81 122 116 124 127

Property sales to non-EU citizens

Sales to non-EU citizens, which accounted for 16% of all sales in December, fell 41% compared to December 2019. With the exception of Famagusta, where sales rose 73%, they fell in the other four districts.

Sales in Nicosia fell 75%, followed by Paphos (down 62%), Larnaca (down 45%) and finally Limassol (down 28%.)

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 3
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 26
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 28
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 34
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 30
Totals 2019 250 257 243 306 476 199 274 137 175 193 239 204
2020 221 208 146 82 144 142 134 118 138 250 128 121

Analysis of property sales since 2000

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