Property sales continue to rise

Property sales continue to rise

Real Estate Saturday, 09 February, 2019

The number of property sales in Cyprus continued to rise in January 2019 compared to the numbers sold in January 2018 according to official figures published today by the Department of Lands and Surveys. 

Cyprus property sales continued to rise in January, with the number of sales contracts deposited at Land Registry offices in the Republic rising by 10 per cent compared to the same month last year. With the exception of December 2018, when sales fell by 48 per cent due to the rush to buy land in December 2017 before the government introduced VAT on land sales, the number of property sales has increased for the 21 consecutive months.

January 2019 saw a total of 766 contracts deposited at Land Registry offices for the sale of commercial and residential properties and land compared with 695 in January 2018; a rise of 10 per cent. Of those 766 contracts, 409 (54%) were deposited by Cypriots and the remaining 357 (47%) by non-Cypriots – 107 by EU citizens and 250 by non-EU citizens.

The figures show a continuing improvement in the economic conditions, together with government incentives designed to boost property sales and drive foreign investment. Unemployment is also falling; down to 8.8 per cent in December 2018 from almost 17 per cent in 2013. (Across the EU 28 the unemployment rate stood at 6.6 per cent in December 2018.)

Property sales up in all districts In percentage terms.

Paphos lead the way with sales up 14 per cent followed by Limassol, where sales rose by 12 per cent. Meanwhile sales in both Nicosia and Famagusta rose by 10 per cent, while sales in Larnaca rose by 2 per cent. 

Domestic sales

Domestic sales rose 33% in January 2019 compared with the same period last year, with sales rising in all districts with the exception of Larnaca, where they fell by 10%. Sales in Paphos, Limassol and Nicosia rose by 67%, 55% and 1% respectively. Unfortunately the January 2018 figure for Famagusta cannot be calculated as the Department reported that overseas buyers deposited 3 more contracts than the total number of contracts deposited.

Overseas sales

Property sales to the overseas (non-Cypriot) market during January 2019 fell 8% compared to the same month last year with 357 contracts of sale deposited compared with 387 in January 2017. Although sales in Nicosia, Larnaca and Paphos rose by 70%, 15% and 8% respectively, they fell by 59% in Famagusta and by 28% in Limassol.

Sales to EU nationals

Property sales to EU nationals rose 19% compared with the same month last year. With the exception Famagusta, where sales declined 40%, they rose in all the other districts. Nicosia led the way with sales rising by 40% followed by Paphos, where sales rose by 37%. Sales in Larnaca and Limassol rose by 33% and 7% respectively.

Sales to non-EU nationals

Sales to non-EU nationals fell 16% compared with January 2018. While sales in Nicosia doubled and sales in Larnaca rose by 12%, they fell in all the other districts. Sales in Famagusta fell by 67%, while sales in Limassol and Paphos fell by 33% and 4% respectively.

Source - Copyright © Cyprus Property News

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