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Real Estate Market in Cyprus Sees July Boost

July property sale numbers in Cyprus have seen an 18% rise relative to sales for the same period last year, as per the data recently released by the Department of Lands and Surveys.

This year has seen a mere 2% fall in sales during April, followed by a 59% rise in May and another 28% rise in June, illustrating a considerable upward trend for 2017.

The Cyprus Land Registry has accepted a whopping 739 purchase agreements for residential and commercial property alike just in July alone, which indicates over 100 sales more than the same time last year.

For July, the ratio of local property buyers to foreign ones is roughly 2:1, with the numbers coming in at 488 and 251, respectively. This indicates a considerable rise in foreign property purchases, as the average has risen from 27% to 34%.

Larnaca in particular saw a drop in sales of roughly 16% in July, compared with the same time last year, but the increased sales in all other districts more than made up for it, with Famagusta seeing a 119% sales boost, Limassol and Nicosia clocking in at 22% each, and Paphos following with 20%.

Property Purchase Agreement Numbers for 2016-2017

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201654
79
82
79829810264818086144
201772737980118162124
Famagusta201622
3533
35
2434
2741 32 471987
201721194029384659
Larnaca201678
108121
127
103120
12381 121 111114153
20171021001136911996103
Limassol201692
179197
166
145222
220129 195 270249432
2017132177232192298304289
Paphos201681
100106
107
120183
153136127 126183318
20179687162136183235184
Totals2016327
501539
514
474657
625451 556 634651 1,134
2017423 456626 506 756 843739

The overall rise in property purchases this year is so far at 20% in comparison with the same period in 2016. (Though keep in mind that there is a percentage of agreements that don’t qualify as sales, due to procedures such as recovery, loan restructuring, and debt/asset swaps, so these numbers aren’t immune to inflated values.)

Property Sales to Domestic Buyers

Domestic property sales for July have risen 12% since last year, with all districts except Larnaca showing boosts in their numbers.

Sales in Famagusta have grown by 58%, Nicosia and Paphos have each seen a 26% rise, and Limassol followed closely with 24%. Famagusta in particular has seen a rise in popularity among residents living in Nicosia but looking to acquire another home elsewhere on the island.

Property Purchase Agreement Numbers, Domestic Buyers, 2016-2017

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201643
70
10
6968929458757073116
201763 69
71
62
103
150
109
Famagusta2016203121
33
24 71932 22 379 72
2017 20 17 24 2327
3130
Larnaca2016689685
91
93 759167 90 8174 114
2017 77 80 85 4976
7062
Limassol201668158145
122
126 162156101 142 202196 307
2017 97 130 176 152202
227194
Paphos2016617259
65
105 1267488 98 83111 171
2017 73 47 82 9388
15793
Totals2016260427382
380
416
462
434346 427 473463 780
2017 330 343438
379496
636488

The first seven months in 2017 have seen a 13% boost to domestic property sales compared to the same period last year, with the total number so far this year tallied up at 3,109 sales.

Property Sales to Foreign Buyers

Meanwhile, foreign-bought property transactions have seen a 31% rise this July compared to last year, with a total of 251 agreements filed versus 2016’s total of 191 for the same period.

Sales in Nicosia have risen by 88%, with Larnaca following at 28%, Limassol at 17%, and Paphos showing a 15% boost.

Property Purchase Agreement Numbers, Foreign Buyers, 2016-2017

DistrictYearJanFebMarAprMayJunJulAugSepOctNovDec
Nicosia201611
9
10
10 14686 6101328
20179
4
6
181512 15
Famagusta20162 412
2
0
27
89 10 10 10 15
2017 1 2 166111529
Larnaca201610 1236
36
10
45
3214 31 30 40 39
2017 25 20 2820432641
Limassol201624 2152
44
19
60
6428 53 68 53 125
2017 35 47 5640967775
Paphos201620 2847
42
15
577948 29 43 72 147
2017 23 40 8043957891
Totals201667 74157
134
58
195
191105 129 161 188 354
2017 93 113 186127260 208251

The first seven months of this year have seen a 42% rise in property sales to foreigners compared to 2016, with the totalrising to 1,240 sales.

Property ownership transfers are another key stat worth keeping in mind. July has seen 87 property transfers to foreign owners, with the total for transfers reaching 543 properties.

Property Purchase Agreements, Cyprus, 2000-2017

YearOverseas SalesDomestic SalesPercentage
Overseas Sales
Total
Sales
200045012,2143.6%12,664
20011,20712,8498.6%14,056
20022,54814,11115.3%16,659
20033,98115,29420.7%19,275
20045,38411,94731.1%17,331
20056,48510,10639.1%16,591
20068,3558,59849.3%16,953
200711,2819,96453.1%21,245
20086,6368,03145.2%14,667
20091,7616,40921.6%8,170
20102,0306,56823.6%8,598
20111,6525,36623.5%7,018
20121,4764,79323.5%6,269
20131,0172,75027.0%3,767
20141,1933,33426.4%4,527
20151,3493,60327.2%4,952
2016
1,8135,25025.7%7,063
2017 (Jul)1,2403,10928.5%4,349
Totals
59,858144,29629.3%204,154
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