Are foreign property sales recovering?

Are foreign property sales recovering?

Real Estate Thursday, 22 October, 2020

The latest figures from the Department of Lands and Surveys indicate that property sales to foreign buyers from the EU countries may be recovering, while sales to non-EU citizens continue to fall.

Property sales to the overseas (non-Cypriot) market continued to fall in September with numbers down 9% compared to September 2019 and by 38% over the first nine months of 2020 compared to the same period last year according to official statistics.

Sales to the overseas market in September accounted for 33% of the total sold during the month.

Total overseas property sales

The total number of property sales to the overseas market during September stood at 260; a fall of 9% compared to the 285 sales achieved in the same month last year.

But it was not all bad news. Although sales fell 37% in Paphos and 9% in Nicosia, they rose in the other three districts. Sales in Limassol rose by 25%, while those in Famagusta and Larnaca rose by 21% and 20% respectively.

Despite the 37% fall in Paphos, it still remains the most popular destination for foreigners buying property in Cyprus.

During the first nine months of 2020 the sales to the overseas market have fallen 38% compared to the same period last year.

Sales to EU nationals

Sales to the EU segment of the overseas property market in September accounted for 16% of total sales – and the number of sales rose by 11% compared to September 2019.

Despite a fall in sales of 40% in Famagusta and 20% in Paphos, sales in Larnaca rose 133%, while sales in Nicosia and Limassol rose by 75% and 56% respectively.

Last month Reuters reported that wealthy Britons were looking to “buy” citizenship from countries offering visa-free access to the European Union, including Cyprus. These may account for the rise in sales.

During the first nine months of 2020 sales to the EU segment of the overseas market have fallen 29% compared to the same period last year.

Sales to non-EU nationals

Sales to the non-EU segment of the overseas property market in September accounted for 24% of total sales – and the number of sales fell by 21% compared to September 2019.

While sales in Famagusta and Famagusta rose 64% and 5% respectively, these increases were outweighed by falls of 53% in Nicosia, 50% in Paphos and 3% in Larnaca.

During the first nine months of 2020 sales to the non-EU segment of the overseas market have fallen 42% compared to the same period last year.

Property sales to the domestic (Cypriot) market

Domestic sales performed strongly in September, increasing by 29% compared to September last year.

Although sales in Limassol fell by 2%, they rose in the remaining for districts.

Sales in Paphos rose 118%, in Famagusta they rose 88% and Nicosia and Larnaca reported rises of 53% and 12% respectively.

During the first nine months of 2020 the number of sales to the domestic market has fallen by 23% compared to the same period last year.

Analysis of property sales since 2000

Source: Cyprus Property News


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