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.)
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.
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.
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.
Analysis of property sales since 2000
Cyprus Property Sale Contracts 2000 – 2021
|Year||Overseas Sales||Domestic Sales||Percentage
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).