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4th December 2021
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HomeProperty NewsDomestic sales hit by pandemic

Domestic sales hit by pandemic

Property sales to the Cypriot market fell in January compared to January 2020 according to official figures published earlier today by the Department of Lands and Surveys.

Although sales to the domestic market have not been hit by the demise of Cyprus’ infamous ‘Golden Passport‘ Scheme, the impact of the COVID-19 pandemic is taking its toll.

The number of property sales contracts deposited by the domestic market fell 17% in January with 345 contracts being deposited compared with 417 in the same month last year.

Although sales in Limassol rose 5%, they fell by 35% in Paphos, 26% in Nicosia, 13% in Larnaca and 10% in Famagusta.

The actual number of property sales contracts deposited in each of the island’s districts as presented below with the equivalent figures for January 2020 shown in brackets:

Nicosia: 131 (176)
Limassol: 103 (98)
Larnaca: 66 (76)
Paphos: 36 (55)
Famagusta: 9 (10)

However, it’s worth noting that as the freeze on foreclosures of main residences valued up to €350,000 and small business premises that was introduced last year is due to end on 31st March, we may see domestic sales rising as a consequence in the second quarter.

Analysis of property sales since 2000

Cyprus Property Sale Contracts 2000 – 2021

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
2,985 4,983 37.5% 7,968
2021
168 345 32.7% 513
Totals
73,828 163,602 30.9% 236,628

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).

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