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Tuesday 22nd June 2021
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HomeProperty SalesDomestic property sales leading the recovery

Domestic property sales leading the recovery

Figures released by the Department of Lands and Surveys reveal that Cypriot purchasers are leading the recovery with property sales in April up an incredible 536% compared to April 2020.

Sales rose in all districts with Limassol leading the way with sales up by 826%, followed by Nicosia (+614%), Famagusta (+483%), Larnaca (+416%) and finally Paphos (+200%.)

Property sales to Cypriot purchasers in the first four months of 2021 stood at 1,984, surpassing the number of sales in the first four months of pre-Covid 2019 by more than 100.

However, the figures will include an unknown number of ‘non-sale’ agreements such as loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers. Unfortunately, the Department of Lands and Surveys does not publish these figures separately.

It’s also worth noting that the number of sales transactions include commercial, retail, office and land in addition to residential properties (houses and apartments.)

Domestic Property Sale Transactions
Domestic Property Sale Transactions – 2020/2021 Comparison

Property sales to the overseas market

Sale transactions to non-Cypriots almost doubled in April compared to the same month last year, with sales rising in all districts.

In percentage terms, Larnaca led the way with sales up 518%, followed by Famagusta (+175%), Nicosia (+144%), Limassol (+61%) and finally Paphos (+31%.)

Property sales to non-Cypriot in the first four months of 2021 stood at 833, 46% lower than the 1,540 sold in the first four months of pre-Covid 2019.

We expect sales will increase as international travel becomes easier and more foreigners are able to travel to Cyprus. But this will require the Cyprus government and all those residing in Cyprus to keep the number of Covid infections under control to encourage foreign visitors.

Total Foreign Property Sale Transactions
Total Foreign Property Sale Transactions – 2020/2021 Comparison

Property sales to EU citizens

Sales to the EU segment of the overseas market, which accounted for 14% of all sales, performed well with sales up by 174% compared to April 2020, with sales rising in all districts.

Over the first four months of 2021, the number of sales stood at 375, 23% lower than the 484 sold in the first four months of pre-Covid 2019.

Foreign (EU) Property Sale Transactions
Foreign (EU) Property Sale Transactions – 2020/2021 Comparison

Sales to non-EU citizens

Sales to the non-EU segment of the overseas market, which accounted for 16% of all sales, didn’t perform as well as other segments but still achieved a 61% rise in transactions compared to April 2020, with sales rising in all districts.

During the first four months of 2021, the number of sales reached 458, 57% lower than the 1,056 sold in the first four months of pre-Covid 2019.

Foreign (non-EU) Property Sale Transactions
Foreign (non-EU) Property Sale Transactions – 2020/2021 Comparison

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 (Apr)
833 1,984 29.6% 2,817
Totals
73,691 165,241 30.8% 238,932

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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