Recovery in property sales slows
Cyprus property sales continued to improve in July but slower than in previous months, with sales to the overseas market leading the way and a small drop in sales to the domestic market compared July 2020 according to figures released by the Department of Lands and Surveys.
Total sales
During July a total of 864 contracts for the purchase of real estate comprising residential, commercial, retail and land were deposited at Land Registry offices across the Republic; an increase of 5% on the June 2020 figure of 825. (This compares with a 44% rise in sales during June.)
While four of the island’s districts reported increases in the number of property sales, sales in Nicosia (the capital) fell by 2% compared to July 2020.).
![Cyprus total property sales](https://property-11519.kxcdn.com/wp-content/uploads/2021/08/total-2021_07-rev.png)
During the first seven months of 2021, total sales have risen by 31%.
Domestic property sales
Despite the number of new loans for house purchasing reaching a record high of €114 million in June, property sales to the domestic market fell by 1% in July compared with July 2020.
Although sales rose in Paphos and Famagusta, they fell in the three remaining districts.
![Sales July 2021](https://property-11519.kxcdn.com/wp-content/uploads/2021/08/Domestic-2021_07-rev.png)
During the first seven months of 2021 sales to the domestic market have risen by 48% compared to the same period last year.
(However, the figures will include an unknown number of ‘non-sale’ agreements such as loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers in efforts by the banks to reduce their non-performing loan portfolios. Unfortunately, the Department of Lands and Surveys does not publish these figures separately.)
Foreign sales
Foreign sales (EU and non-EU nationals) rose by 17% in June compared to June 2020 with sales rising in all districts with the exception of Paphos and Famagusta.
![Foreign sales](https://property-11519.kxcdn.com/wp-content/uploads/2021/08/Foreign-2021_07-rev.png)
During the first seven months of 2021 property sales to the foreign market have risen by 6% compared to the same period last year.
Foreign sales to EU citizens
Sales to EU nationals rose 26% in July compared to June 2020 and are up 46% year-on-year.
With the exception of Famagusta, where sales fell by 29%, sales rose in all districts.
![EU Sales](https://property-11519.kxcdn.com/wp-content/uploads/2021/08/EU-2021_07-rev.png)
Foreign sales to non-EU citizens
Sales to non-EU citizens rose 7% in July compared to July 2020 but are down 15% year-on-year.
With the exception of Paphos, where sales fell by 33%, sales rose in all districts.
![non-EU sales](https://property-11519.kxcdn.com/wp-content/uploads/2021/08/Non-EU-2021_07-rev.png)
Source: Cyprus Property News