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HomeProperty SalesRecovery in property sales slows

Recovery in property sales slows

Cyprus property sales continued to improve in July but slower than in previous months, with sales to the overseas market leading the way and a small drop in sales to the domestic market compared July 2020 according to figures released by the Department of Lands and Surveys.

Total sales

During July a total of 864 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 5% on the June 2020 figure of 825. (This compares with a 44% rise in sales during June.)

While four of the island’s districts reported increases in the number of property sales, sales in Nicosia (the capital) fell by 2% compared to July 2020.).

Cyprus total property sales
Total Cyprus Property Sale Transactions – 2020/2021 Comparison

During the first seven months of 2021, total sales have risen by 31%.

Domestic property sales

Despite the number of new loans for house purchasing reaching a record high of €114 million in June, property sales to the domestic market fell by 1% in July compared with July 2020.

Although sales rose in Paphos and Famagusta, they fell in the three remaining districts.

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

During the first seven months of 2021 sales to the domestic market have risen by 48% compared to the same period last year.

(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.)

Foreign sales

Foreign sales (EU and non-EU nationals) rose by 17% in June compared to June 2020 with sales rising in all districts with the exception of Paphos and Famagusta.

Foreign sales
Foreign Property Sale Transactions – 2020/2021 Comparison

During the first seven months of 2021 property sales to the foreign market have risen by 6% compared to the same period last year.

Foreign sales to EU citizens

Sales to EU nationals rose 26% in July compared to June 2020 and are up 46% year-on-year.

With the exception of Famagusta, where sales fell by 29%, sales rose in all districts.

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

Foreign sales to non-EU citizens

Sales to non-EU citizens rose 7% in July compared to July 2020 but are down 15% year-on-year.

With the exception of Paphos, where sales fell by 33%, sales rose in all districts.

non-EU sales
Foreign (Non-EU) Property Sale Transactions

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 (July) 1,753 3,612 32.7% 5,365
Totals 74,611 166,869 30.9% 241,480

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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