Property sales continue to improve

The number of property sales in Cyprus continued to improve in August 2021 compared to the same period last year according to figures released by the Department of Lands and Surveys.

During August 2021, a total of 724 contracts for the sale of property were deposited at land registry office across the Republic, an increase of 29% compared with the 561 contracts deposited during August 2020.

But comparing the number of contracts deposited in August 2021 with those of August 2019 (588), property sales have yet to recover to pre-COVID-19 levels. This slow recovery is also reflected in the annual figures:

During the first eight months of 2021, a total of 6,089 contracts were deposited.

During the first eight months of 2019, a total of 7,044 contracts were deposited.

However, sales so far this year have surpassed the 2018 figure of 6,019.

The coronavirus resulted in the fall in property sales during 2020, which was also exacerbated by the abrupt cancellation of the Cyprus disgraced ‘Citizenship by Investment Scheme’ (a.k.a. Golden Passport) following the expose by Al Jazeera.

But the figures are muddied as the banks are selling properties they’ve repossessed. E.g., according to the Bank of Cyprus half-year results, its Real Estate Management Unit (REMU) sold 387 properties with a contract value of €85 million during the first six months of 2021. During the same period, REMU acquired properties amounting to €21 million through debt for asset swaps and repossessions.

The Department of Lands and Surveys has yet to release its analysis of the figures showing domestic and foreign sales. We’ll bring you the figures as soon as they become available.

Source: Cyprus Property News

Author: Christos Nikolaou

BEng Mechanical Engineering, MSc Real Estate, ETEK Property Valuer, Register and Licensed Real Estate Agent.

Christos Nikolaou is the founder and Managing Director of Property Canvas, he holds a license as an Estate Agent from the Association of Real Estate Agents of Cyprus and he is a registered Property Valuer in the Technical and Scientific Chamber of Cyprus (ETEK). He is the author of our “Property sales continue to improve” and is a certified advance negotiator.