Following February’s fall in property sales, the numbers sold in Cyprus during March compared to March 2016 improved in three of the five districts according to official statistics from the Department of Lands and Surveys.

 

THE NUMBER of property sales in Cyprus during March rose 16 per cent compared to March 2016 according to official statistics published by the Department of Lands and Surveys.

During March a total of 626 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 539 deposited in March 2016.

Of those 626 contracts, 440 (70%) were deposited by Cypriot purchasers and 186(30%) were deposited by overseas purchasers.

Although the number of sales contracts in Larnaca and Nicosia fell by 7% and 4% respectively, they rose in the remaining three districts.

Paphos lead the way with sales up 53% compared to March 2016, while sales in Famagusta and Limassol were up 21% and 18% respectively.

Total Property Sale Contracts – 2016/2017 Comparison

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

During the first quarter of 2017, sales contracts have risen 10% compared with the first quarter of 2016.

(An unknown number of property sales contracts relate to ‘non-sale’ agreements such as loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers. These contracts inflate the total figures above and the domestic sales figures below.)

Domestic property sales

Property sales to the domestic (Cypriot) in March rose 15% compared to March 2016 with sales rising in all districts with the exception of Larnaca, where sales remained steady.

Paphos lead the way with sales up 39% compared to March 2016, followed by Limassol (+21%), Famagusta (+14% and Nicosia (+1%).

Domestic Property Sale Contracts – 2016/2017 Comparison

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

During the first quarter of 2017, domestic have risen 4% compared with the first quarter of 2016 to reach a total of 1,440.

Overseas property sales

Property sales to the overseas (non-Cypriot) market during March 2017 rose 18% compared to the same month last year with 186 contracts of sale deposited compared with 157 in March 2016.


Although sales in Nicosia and Larnaca fell by 40% and 22% respectively, these falls were more than outweighed by a 78% increase in Paphos, a 33% increase in Famagusta and an 8% increase in Limassol.

Overseas Property Sale Contracts – 2016/2017 Comparison

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

During the first quarter of 2017, property sales to the overseas market have risen 32% compared with the first quarter of 2016 to reach a total of 392.

Cyprus Property Sale Contracts 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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