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).
