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12th August 2022
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HomeProperty SalesProperty sales bounced back in November

Property sales bounced back in November

Property sales bounced back in November following a fall of 14% in October compared to the same period last year, with the number of sales rising in all market segments.

According to the statistics published by the Department of Lands and Surveys, sales in November rose 59% compared to November 2020, while sales during the first 11 months of 2021 are up 25% compared to the same period last year.

Domestic property sales

Sales to domestic market, which accounted for 60% of sales in November, rose 49% compared to November 2020. In percentage terms, Paphos led the way followed by Limassol, Famagusta, Larnaca and Nicosia.

Sales during the first 11 months of 2021 are up 31% compared with the same period last year, with the number of sales rising in all districts

Sales to the domestic market have been encouraged by the government’s interest rate subsidy scheme, which will continue until the end of 2021. The ceiling for loans for house purchases was raised from €300,000 to €400,000 in February and the scheme provides an interest rate subsidy of 1.5% for a period of four years.

However, bear in mind that the figures include an unreported 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.

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

Overseas property sales

The total number of sales to non-Cypriots, which accounted for 40% of all sales in November, rose by 77% compared to November 2020. In percentage terms, Larnaca led the way followed by Nicosia, Famagusta, Limassol and Paphos.

Sales during the first 11 months of 2021 are up 15% compared to the same period as last year. Although sales in Paphos have fallen 4%, they have risen in the remaining four districts.

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

Sales to EU citizens

Sales to the EU segment of the overseas market, which accounted for 21% of all sales in November, rose 90% compared to November 2021 and by 89% compared to the pre-COVID November 2019.

In percentage terms, Larnaca led the way followed by Limassol, Nicosia, Famagusta and Paphos.

On an annual basis, sales to EU citizens have risen 53%, with the number of sales rising in all districts.

Foreign (EU) Property Sale Transactions - 2020/2021 Comparison
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 20% of all sales in November, rose by 76% compared to November 2020.

In percentage terms, Larnaca led the way followed by Nicosia, Famagusta, Paphos and Limassol.

On an annual basis and despite the abrupt termination of the Golden Passport scheme, sales to non-EU citizens have risen 51%. However, while sales have risen in Nicosia and Larnaca – and remained steady in Limassol, Sales in Paphos and Famagusta have fallen.

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

Year-end projection

Statistics published by the Land Registry Department reveal that the number of property sales contracts deposited reached 9,063 during the first 11 months of the year, compared with 7,231 in the same period last year and 9,456 in 2019.

Compared to the first 11 months of pre-COVID-19 2019, sales this year are down 4%, and it seems likely that the total number of sales by the end of this year may be very close to the 10,366 achieved in 2019.

Total Number of Sale Contracts Deposited 2000 to 2021

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