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Friday 30th July 2021
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HomeProperty SalesCyprus property market recovering steadily

Cyprus property market recovering steadily

The Cyprus property market continues its recovery with sales to the domestic and EU market leading the way, but sales to non-EU citizens are not performing so well following the termination of Cyprus’ disgraced ‘Citizenship by Investment Scheme’ (a.k.a. Golden Passport.)

During June a total of 924 contracts for the purchase of real estate comprising residential, commercial, retail and land were deposited at Land Registry offices across the Republic; an increase of 43% on the June 2020 figure of 646.

If the trend continues during the second half of the year, we expect that annual sales will recover to their 2018 levels.

Total Real Estate Sale Transactions
Total Cyprus Property Sale Transactions – 2020/2021 Comparison

Domestic property sales

Property sales to the domestic market in June rose by 29% compared to the same month last year, encouraged by the government’s interest subsidy scheme and low interest rates.

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 in efforts by the banks to reduce their non-performing loan portfolios. Unfortunately, the Department of Lands and Surveys does not publish these figures separately.

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

Foreign sales

Foreign sales also rose in June, up 75% compared to June 2020. But as Cyprus will be placed on the ECDC’s ‘Red List’ due to its escalating number of COVID-19 cases and the cancellation of the island’s ‘Golden Passport’ scheme, it’s going to take some time for the numbers to recover.

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

Cyprus property sales to EU citizens

Sales to EU nationals jumped 195% in June compared to June 2020 and are up 52% year-on-year. However, as mentioned above, as Cyprus is about to be placed on the ECDC’s ‘Red List’ it’s likely that potential foreign buyers will be dissuaded from visiting the island.

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

Cyprus property sales to non-EU citizens

Sales to non-EU citizens rose 28% in June compared to June 2020 but are down 28% year-on-year.

In terms of the number of property sales, Limassol is performing better than the other districts although year-on-year sales are down 12%.

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 (June) 1,439 3,062 32.0% 4,501
Totals 74,927 166,319 30.9% 240,616

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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