Paphos sales plummet 70 per cent

Paphos sales plummet 70 per cent

Real Estate Monday, 14 December, 2020

Property sales in Paphos to non-EU citizens plummeted 70% in November compared to November 2019 following the cancellation of Cyprus’ Citizen-by-Investment (aka Golden Passport) scheme according to figures from the Department of Lands & Surveys.

Famagusta and Larnaca also reported falls of 65% and 46% respectively, but sales in Limassol and Nicosia (the capital) remained steady.

The total number of sales to non-EU citizens during November fell 46%.

In the first eleven months of the year property sales to non-EU nationals have fallen 38% compared to the same period last year.

Sales to EU nationals

Property sales to EU citizens fared better, falling by just 1% in November compared to November 2019. 

Although sales in Larnaca and Paphos fell by 29% and 3% respectively, they held steady in Nicosia and rose 33% in Famagusta and 8% in Limassol.

In the first eleven months of the year property sales to EU nationals have fallen 25% compared to the same period last year.

Total overseas sales

The combined total of sales to EU citizens and non-EU citizens during November accounted for 35% of all sales during the month – and fell by 31% compared to November 2019.

While sales rose by 2% in Limassol and held steady in Nicosia, they fell by 46% in Paphos, 42% in Larnaca and 40% in Famagusta.

During the first eleven months of the year property sales to the overseas market have fallen 34% compared to the same period last year, with sales down in all districts.

Property sales to the domestic (Cypriot) market

Domestic sales also weakened in November, falling by 13% compared to the same month last year.

While sales in Famagusta rose by 131% and sales in Larnaca and Nicosia rose by 19% and 5% respectively, they fell 63% in Famagusta and 34% in Limassol.

During the first eleven months of the year domestic sales have fallen 16%. With the exception of Nicosia, where an 8% rise has been recorded, sales in the remaining four districts has fallen.

Analysis of property sales since 2000

1 The Department of Lands & Surveys has advised that overseas sales in 2018 and subsequent year should not be compared to sales in previous years due to changes in the methodology used to classify ‘Aliens’ (foreigners).

Source: Cyprus Property News

 


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