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Profound Rise in Property Sales

According to the analysts and based on the recent figures provided, the property market in Cyprus has seen a profound and steady growth since February in all the districts.

The Department of Lands and Surveys have recently issued a report on the property sales contracts that have been filed at Land Registry Offices across Cyprus. In the report one can observe an increase in 46 percent as of February 2018 compared to February 2017. There are steady increases in the contracts deposited after February: 64 percent in January, 36 percent in December, 39 percent in November and 18 percent in October. To put it into perspective, we might compare 456 contracts deposited at Land Registry offices in February 2017 to 666 contracts (of both residential and commercial properties, as well as plots of land) deposited in February 2018.

Surprisingly, this is the record number of contracts deposited since 2010 (704 contracts). Sales in all the districts, except for Larnaca have increased. In Larnaca, however, we can see a drop of sales that constitutes 1 percent. Sales in Famagusta have increased by 174 percent, in Paphos sales have increased by 87 percent. Limassol saw an increase of 45 percent and Nicosia has experienced an increase of 32 percent.


Total Property Sale Contracts – 2017/2018 Comparison

District

Year

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Nicosia

2017

72

73

79

80

118

162

124

76

87

117

170

306

2018

146

96

Famagusta

2017

21

19

40

29

38

46

59

47

57

51

52

169

2018

48

52

Larnaca

2017

102

100

113

69

119

96

103

88

107

111

151

181

2018

112

99

Limassol

2017

132

177

232

192

298

304

289

201

203

306

321

532

2018

225

256

Paphos

2017

96

87

162

136

183

235

184

160

148

183

212

349

2018

164

163

Total

2017

423

456

626

506

756

843

739

572

602

768

906

1537

2018

695

666

The number of contracts deposited at Land Registry cumulatively in January and February of 2018 constitutes 1,361. That showcases an increase in 55 percent in comparison to the same months last year.

Famagusta heads the list of provinces with the highest increases (150 percent), Paphos is on the second place with the increase of 79 percent. Nicosia and Limassol have also experienced profound increases – 67 percent and 56 percent respectively. Larnaca, however, has experienced a smaller compared to others increase – 4 percent.

Information on Purchasers  

Out of 666 contracts: 306 contracts (46 percent) were deposited by Cypriot clients, 360 contracts (54 percent) were deposited by foreign buyers. The increase in contracts, deposited by foreigners, is hard to comprehend and explain.

One of the plausible explanations is a change in the way the data was coded. The Department of Land & Surveys’ website has announced that some alternations have been made to the methods of coding, no further details have been disclosed so far. Though, the website advices to withhold from comparing this year’s statistics with the data from the previous years due to the inconsistency in the coding method. We hope that the website will provide further information and clarity before publishing the statistics for March. Nevertheless, the Department separated the EU citizens from the non-EU citizens on the foreign sales table:


Total Property Sale Contracts – 2017/2018 Comparison

District

Source

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Nicosia

EU

10

8

Non-EU

10

4

Famagusta

EU

15

24

Non-EU

36

10

Larnaca

EU

9

9

Non-EU

43

46

Limassol

EU

15

17

Non-EU

103

87

Paphos

EU

41

58

Non-EU

105

97

Totals

EU

90

116

Non-EU

297

244

TOTAL

387

360

Cyprus Property Sale Contracts 2000-2018

Year

Overseas Sales

Domestic Sales

Percentage Overseas Sales

Total Sales

2000

450

12,214

3.6%

12,664

2001

1,207

12,849

8.6%

14,056

2002

2,548

14,111

15.3%

16,659

2003

3,981

15,294

20.7%

19,275

2004

5,384

11,947

31.1%

17,331

2005

6,485

10,106

39.1%

16,591

2006

8,355

8,598

49.3%

16,593

2007

11,281

9,964

53.1%

21,245

2008

6,636

8,031

45.2%

14,667

2009

1,761

6,409

21.6%

8,170

2010

2,030

6,568

23.6%

8,598

2011

1,652

5,366

23.5%

7,018

2012

1,476

4,793

23.5%

6,269

2013

1,017

2,750

27.0%

3,767

2014

1,193

3,334

26.4%

4,527

2015

1,349

3,603

27.2%

4,952

2016

1,813

5,250

25.7%

7,063

2017

2,406

6,328

27.5%

8,734

2018 (Feb)

747

614

54.9%

1,361

Totals

61, 771

148, 129

29.4%

209,900

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