Property sales in Cyprus improving

Property sales in Cyprus improving

Real Estate Wednesday, 05 August, 2020

Property sales in Cyprus fell by 8% in July compared to July 2019 according to official figures from the Department of Lands and Surveys.

During July a total of 825 property sales contracts were deposited at Land Registry offices across the island compared to the 896 deposited in July last year. However, considering there was an 80% fall in April, a 71% fall in May and a 10% fall in June, the figures are encouraging given the on-going COVID-19 situation.

Although property sales in Nicosia and Famagusta rose by 44% and 22% respectively, these increases were more than wiped out by falls in sales in Paphos (-44%), Larnaca (-17%) and Limassol (-11%).

(In a move to help the real estate market recover, the government introduced an interest rate subsidy for new housing loans granted from 1st March 2020 until 31st December 2020. The scheme covers loans with a maximum value of €300,000 with a maximum interest rate of 2.30% and will cover 1.5% of the rate for a period of four years.)

Total Property Sale Contracts – 2019/2020 Comparison

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2019 161 194 131 169 213 145 174 103 137 183 208 180
  2020 197 178 139 38 100 178 251          
Famagusta 2019 53 48 45 96 87 43 49 30 40 50 48 64
  2020 50 47 41 10 28 56 60          
Larnaca 2019 114 125 118 140 173 102 157 93 102 160 122 162
  2020 147 118 106 24 59 109 131          
Limassol 2019 251 256 287 428 546 219 286 196 240 228 296 284
  2020 180 225 143 72 112 202 254          
Paphos 2019 187 211 185 224 404 205 230 166 173 192 233 220
  2020 168 171 81 72 120 101 129          
Totals 2019 766 834 766 1057 1423 714 896 588 662 813 907 910
  2020 742 739 510 216 419 646 825          

Total property sales – year to date

In the first seven months of 2020 property sales are down by 37% compared to the same period in 2019, with sales falling in all districts.

Sales in Paphos have fallen by 49%, closely followed by Limassol, where sales are down 48%. Meanwhile, sales in Famagusta, Larnaca and Nicosia have fallen 31%, 25% and 9% respectively.

In terms of the absolute numbers of property sales, Limassol leads the way with 1,188 sales followed by Nicosia with 1,081 sales, Paphos (842 sales), Larnaca (694 sales) and finally Famagusta with 292 sales.

Source: Cyprus Property News


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