The number of property sales in Cyprus during August fell 10 per cent compared to the corresponding month last year according to the latest figures released by the Department of Lands and Surveys.
AUGUST saw a 10% decline in property sales compared to August 2018 with sales falling in all market segments with the exception of sales to EU citizens, which rose by 3% according to official figures published by the Department of Lands and Surveys.
During August, the total number of contracts deposited for the sale of commercial property, residential property, building plots and land reached 588; a fall of 10% compared with the 653 contracts deposited August 2018.
Of those 588 contracts, 344 (59%) were deposited on behalf of Cypriots and the remaining 244 (41%) on behalf of non-Cypriots of whom 44% were EU citizens and 56% were non-EU citizens.
Although property sales in Nicosia and Paphos rose by 13% and 6% respectively, these rises were wiped out by falls of 40% in Famagusta, 25% in Limassol and 1% in Larnaca
Total Property Sale Contracts – 2018/2019 Comparison
Property sales – year to date
During the first eight months of 2019, the number of sales has increased by 17% to reach 7,044 compared to 6,016 in the corresponding period last year.
In percentage terms, sales in Paphos have risen by 27% and sales in Nicosia have risen by 23%. Meanwhile sales in sales in Larnaca have risen 19%, sales in Limassol have risen 10% and sales in Famagusta have risen by 2%. However, in terms of the total number of sales Limassol leads the way with 2,273 with Paphos in second place with 1,812 sales.
Domestic property sales
Sales to the Cypriot market fell 10% in August compared to August 2018.
While sales in both Limassol and Larnaca rose by 10% and by 7% in Nicosia, they fell by 55% and 23% in Famagusta and Limassol respectively
During the first eight months of 2019, domestic sales rose by 24% compared with the same period last year.
Domestic Property Sale Contracts – 2018/2019 Comparison
(Note that some of these domestic sales may have resulted from properties acquired by banks as part of loan restructuring agreements, etc.)
Overseas property sales
Property sales to the overseas (non-Cypriot) market during August 2019 also fell by 10% with 344 contracts of sale deposited compared with 382 in August 2018.
While sales in Nicosia and Paphos rose by 86% and 4% respectively, they fell in the remaining three districts.
Limassol saw a 30% drop in sales, while sales in Famagusta and Larnaca fell 19% and 15% respectively.
During the first eight months of 2019, sales to the overseas rose by 9% compared with the same period last year.
Total Overseas Property Sale Contracts – 2018/2019 Comparison
Overseas sales (EU nationals)
Property sales to EU nationals rose 3% in August compared with August 2018.
Although sales in Limassol fell 29% and sales in Nicosia remained steady, they rose 56% in Famagusta, 18% in Larnaca and 5% in Paphos.
During the first eight months of 2019, sales to EU nationals rose by 9% compared with the same period last year. The only district where they fell was Famagusta; down 23%.
Foreign (EU) Property Sale Contracts – 2018/2019 Comparison
Overseas sales (non-EU nationals)
Sales to non-EU nationals took a bit of a bashing, falling by 18% in August compared with the same month last year.
Although sales rose by 300% in Nicosia and by 2% in Paphos, they fell in the other three districts.
Sales in Famagusta fell 75%, while sales in Limassol and Larnaca fell by 30% and 25% respectively.
During the first eight months of 2019, property sales to non-EU nationals rose by 9% compared with the same period last year. Once again, the only district where they fell was Famagusta; down 13%
Foreign (Non-EU) Property Sale Contracts – 2018/2019 Comparison
Analysis of property sales since 2000
Cyprus Property Sale Contracts 2000 – 2019
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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