property sales increase

Cyprus property sales at eleven year high!

Cyprus property sales in April 2019 reached the highest monthly figure recorded since September 2008 following a 61 percent surge according to official figures from the Department of Lands and Surveys.

APRIL saw a sharp rise in Cyprus property sales compared to the numbers sold in the corresponding month last year, with the number of contracts deposited at Land Registry offices up 61% according to the Department of Lands & Surveys. During April a total of 1,057 contracts were deposited at Land Registry offices for the sale of commercial and residential properties and land compared with 655 in April 2018 – and the biggest monthly figure recorded since September 2008 when 1,157 contracts were deposited.

Of those 1,057 contracts, 628 (59%) were deposited by Cypriots and the remaining 429 (41%) by non-Cypriots – 123 of whom were EU citizens and 306 non-EU citizens.

Property sales rose in all districts and the figures show a continuing improvement in the economic sentiment.

A rush by foreign nationals to acquire Cypriot passports via the citizenship-by-investment scheme before tougher criteria come into force on 15 May could also have helped to boost sales.

Sales rose in all districts. In percentage terms, Famagusta led the way with sales up 85%, followed by Limassol with a rise of 74%, while sales in Larnaca, Nicosia, and Paphos rose by 69%, 44% and 43% respectively.

Property sales – year to date

During the first four months of 2019 sales rose 23% compared to the same period last year. Sales in Nicosia rose 35% and sales in Famagusta rose 26%. Meanwhile, sales in Paphos rose 33%, while those in Larnaca and Limassol rose 21% and 17% respectively.

Domestic sales

Sales to the Cypriot market shot up 91% in April compared to April 2018, with significant rises in all districts. In percentage terms, Famagusta led the way with sales up 383% compared with the same month last year followed by Paphos, where sales rose 229%. Meanwhile, sales in Limassol, Larnaca, and Nicosia rose by 80%, 78%, and 47% respectively.

During the first four months of 2019, domestic sales rose by 37% compared with the same period last year. However, some of these domestic sales may have resulted from properties acquired by banks as part of loan restructuring agreements, etc.

Overseas sales

Property sales to the overseas (non-Cypriot) market during April 2019 rose by 32% with 429 contracts of sale deposited compared with 326 in April 2018.

Although sales in Famagusta fell by 5%, they rose in the remaining four districts. Sales in Limassol rose 63%, sales in Larnaca rose 60%, sales in Nicosia rose 33% and sales in Paphos rose 14%. During the first four months of 2019, sales to the overseas rose by 9% compared with the same period last year.

Sales to EU nationals

Property sales to EU nationals rose 31% in April compared with the same month last year.

Sales in Larnaca rose 200%, while sales in Nicosia rose 90%. Meanwhile, sales in Famagusta and Limassol rose by 42% and 24% respectively.

During the first four months of 2019 sales to EU nationals have risen 17% compared to the first quarter of 2018.

Sales to non-EU nationals

Property sales to non-EU nationals rose 32% in April compared with the same month last year. Although sales in Famagusta and Nicosia fell by 25% and 7% respectively, they rose in the remaining three districts. Sales in Limassol rose by 73%, sales in Larnaca rose 36% and sales in Paphos rose 23%. During the first four months of 2019 sales to non-EU nationals have risen 6% compared to the same period last year.

Article By: Nigel Howarth

Source: Cyprus Property News