Figures released by the Department of Land and Surveys reveal, perhaps not surprisingly, that all segments on the market achieved increased sales in 2021 compared to 2020.
More interestingly, the number of sales to the domestic and EU segments of the market in 2021 have exceeded the numbers sold in pre-pandemic 2019, while total sales are a mere 0.18% lower.
- Total sales 2021 (10,347) 2019 (10,366) –0.18%
- Sales to EU nationals 2021 (1,836) 2019 (1,529) +20%
- Sales to non-EU nationals 2021 (1,855) 2019 (2,953) –37%
- Sales to Cypriots 2021 (6,656) 2019 (5,884) +13%
But note that Britons became non-EU citizens (third country nationals) on 1 January 2021 and the Citizenship-by-Investment scheme was scrapped in November 2020. The figures above for the EU and non-EU segments of the market reflect these changes.
Market segments sales 2021 vs 2021
According to the statistics published by the Department of Lands and Surveys, the total number of property sales (as measured by the number of contracts deposited at Land Registry offices) in 2021 rose 30% compared to 2020 with sales rising in all districts as shown in the table below.
Sales to the domestic segment of the market, which accounted for 64% of sales in 2021, rose 34% compared to 2020.
In percentage terms, Paphos led the way followed by Limassol, Nicosia, Famagusta and Larnaca.
Sales to EU citizens, which accounted for 18% of all sales in 2021, rose 59% compared to 2020.
In percentage terms, Larnaca led the way followed by Limassol, Nicosia, Paphos and Famagusta.
Sales to the non-EU segment of the overseas market, which accounted for 18% of all sales 2021 rose 76% compared to 2020 despite the abrupt termination of the Citizenship-by-Investment in November 2020. (However, sales in Paphos and Famagusta fell by 24% and 18% respectively.)