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Cyprus Property Sales: An increase of 21% in July

06/08/2018

The number of property sales contracts deposited at Land Registry offices across the Republic of Cyprus during July 2018 rose 21 per cent compared to July 2017 according to official figures published by the Department of Lands and Surveys.

This follows increases of 2% in June, 23% in May and 29% in April. During July a total of 896 contracts or the sale of residential and commercial properties and land (building plots and fields) were deposited at Land Registry offices across Cyprus, compared with the 758 deposited in July 2017. Of the 896 contracts deposited, 426 (48.7%) were for properties purchased by non-Cypriots. The figures show a continuing improvement in the economic conditions, coupled with government measures such as the citizenship by investment scheme. Sales rose in all districts. In percentage terms Nicosia led the way with sales rising by 42% followed by Paphos, where sales rose by 27%.

Property sales – year to date

During the first seven months of 2018 the number of contracts for the sale of property deposited at Land Registry offices has risen 23% to 5,366 compared to the 4,349 deposited during corresponding period of last year. In percentage terms Famagusta saw the highest increase in the number of sales – up by 56%, followed by Nicosia (the capital) with a 36% increase. Increases of 23%, 17% and 9% were recorded in Limassol, Paphos, and Larnaca respectively.

Overseas property sales

The Land Registry figures reveal that a total of 426 property sale contracts were deposited by non-Cypriots during July 2018. Of those 150 were deposited by EU citizens and the remaining 276 by non-EU citizens, but we cannot quantify the number of non-EU citizens who bought property with a view to applying for citizenship. Paphos remained the most popular district with the overseas market with the number of property sales contracts deposited reaching 171. Limassol recorded 120, Larnaca 71, Famagusta 43 and Nicosia 21.

During the first seven months of 2018, a total of 2,613 property sales contracts were deposited by overseas buyers, with 815 deposited by EU nationals and 1,798 by non-EU nationals. Paphos maintains its position as the most popular spot for overseas buyers with sale contracts reaching 1,020, followed by Limassol with 785, Larnaca with 399, Famagusta with 269 and Nicosia with 140.

Source: Cyprus Property News

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