It looks as though 2021 could be a difficult year with a steep fall in property sales to the overseas market in January according to official statistics from the Department of Lands & Surveys.
January saw a fall in sales to the overseas market of 48% compared to the same month last year, with sales falling all districts with the exception of Nicosia (the capital) where sales rose by 16%.
Paphos, the most popular place for British buyers, was hardest hit with sales down 65% compared to January 2020, while sales in Larnaca fell by 62%. Meanwhile sales in Famagusta and Limassol were down 43% and 30% respectively.
The cancellation of the Cyprus ‘Golden Passport‘ scheme in the wake of the Al Jazeera exposé and the COVID pandemic are taking their toll.
We’ve also received reports that some Britons are having difficulties getting loans from Cypriot banks to fund their purchase, possibly as a result of BREXIT as the banks can no longer pursue Brits who default on their loan repayments using ‘EU Enforcement Orders‘.
Total Overseas Property Sale Contracts – 2020/2021 Comparison
Overseas sales to EU citizens
Property sales to the EU segment of the overseas property market fell 36% in January compared to January 2020 with only Nicosia improving on the number of sale (up 67%.)
Sales in Larnaca were down 67%, sales in Paphos were down 45% and sales in Limassol and Famagusta were down 36% and 17% respectively.
Foreign (EU) Property Sale Contracts – 2020/2021 Comparison
Sales to non-EU citizens
Property sales to the non-EU segment of the overseas property market fell 54% in January compared to the same month last year with sales falling in all districts.
Paphos took the hardest hit once again with sales down 75%. Sales in Larnaca were down 60%, while sales in Famagusta were down 47% and sales in both Nicosia and Limassol were down 30%.
Foreign (Non-EU) Property Sale Contracts – 2020/2021 Comparison