Having got off to a promising start to the New Year in January, property sales in Cyprus faltered in February with numbers falling in all five districts compared to the numbers sold in February 2016.

6 3 2017

CYPRUS property sales fell 9 per cent in February 2017 compared to February last year according to the official statistics published by the Department of Lands and Surveys; the first recorded monthly fall since August 2015.


During February a total of 456 contracts for the sale of residential and commercial properties and land (building plots and fields) were deposited at Land Registry offices across Cyprus, compared with the 501 deposited in February 2016.

Of those 456 contracts, 343 (78%) were deposited by Cypriot purchasers and 113 (22%) were deposited by overseas purchasers.


Sales fell in all districts. In percentage terms property sales in Famagusta fell by 46% and those in Paphos fell by 13%. Meanwhile sales in Nicosia, Larnaca and Limassol fell 8%, 7% and 1% respectively.

Total Property Sale Transactions – 2016/2017 Comparison

 

 

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia2016
2017
Famagusta2016
2017
Larnaca2016
2017
Limassol2016
2017
Paphos2016
2017
Totals2016
2017

 

 Domestic property sales

Property sales to the domestic (Cypriot) in February fell 20% compared to February 2016 with sales falling in all districts. Sales in Famagusta fell 45% and sales in Paphos fell 35%. Meanwhile sales in Limassol, Larnaca and Nicosia fell 18%, 17% and 1% respectively

Domestic Property Sale Transactions – 2016/2017 Comparison

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia20164370106968929458757073116
20176369
Famagusta20162031213324719322237972
20172017
Larnaca20166896859193759167908174114
20177780
Limassol201668158145122126162156101142202196307
201797130
Paphos20166172596510512674889883111171
20177347
Totals2016260427382380416462434346427473463780
2017330343

 

Overseas property sales

Property sales to the overseas (non-Cypriot) market during February 2017 rose 53% compared to the same month last year with 113 contracts of sale deposited compared with 74 in February 2016.

Although sales in Nicosia and Famagusta fell by 56% and 50% respectively, these falls were more than outweighed by a 124% increase in Limassol, a 67% increase in Larnaca and a 43% increase in Paphos.

    Overseas Property Sale Transactions – 2016/2017 Comparison


Month2016 (Dwellings)2017 (Dwellings)Increase/ Decrease%age Change
January24338113856.8%
February3123837122.8%
March30641210634.6%
Totals8611.17631536.65

 During the first two months of 2017, 206 contracts of sale have been deposited by foreign buyers and 107 properties have been transferred to overseas buyers.

 

   Cyprus Property Sale Transactions 2000 – 2017

YearOverseas SalesDomestic SalesPercentage overseas salesTotal Sales
200045012,2143.6%12,664
20011,20712,8498.6%14,056
20022,54814,11115.3%16,659
20033,981
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017 (March)
Totals

 

 Source Cyprus Property News

 

 

 

 

 

 

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