Rise in overseas property sales continues

September 9, 2017

AUGUST saw the number of overseas property sales in Cyprus rise by 65 per cent compared to August 2016 according to official figures published by the Department of Lands and Surveys.

Of the 572 contracts for the sale of immovable property that were deposited at Land Registry offices across Cyprus in August, 399 (69.8%) were deposited by Cypriot purchasers and 173 (30.2%) were deposited by overseas property purchasers.

Overseas property sales

With the exception of Nicosia, where sales were almost the same as August 2016, sales rose in all districts. In percentage terms, Famagusta lead the way with sales increasing by 144%, while in Larnaca, Paphos and Limassol rose by 79%, 65% and 46% respectively.

Overseas Property Sale Contracts – 2016/2017 Comparison

District	Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
Nicosia	2016	11	9	10	10	14	6	8	6	6	10	13	28
	2017	9	4	6	18	15	12	15	6
Famagusta	2016	2	4	12	2	0	27	8	9	10	10	10	15
	2017	1	2	16	6	11	15	29	22
Larnaca	2016	10	12	36	36	10	45	32	14	31	30	40	39
	2017	25	20	28	20	43	26	41	25
Limassol	2016	24	21	52	44	19	60	64	28	53	68	53	125
	2017	35	47	56	40	96	77	75	41
Paphos	2016	20	28	47	42	15	57	79	48	29	43	72	147
	2017	23	40	80	43	95	78	91	79
Totals	2016	67	74	157	134	58	195	191	105	129	161	188	354
	2017	93	113	186	127	260	208	251	173

During the first eight months of 2017, property sales to the overseas market have risen 44% compared with the same period last year to reach a total of 1,413.

(During August Title Deeds for 75 properties were transferred to overseas buyers bringing the total number of transfers for the year to date to 618.)

Domestic property sales

Sales of Cyprus property to the domestic market in August rose by 15% compared to August 2016.

Although sales in Famagusta, Paphos and Larnaca fell by 22%, 8% and 6% respectively, these falls were outweighed by increased sales in Limassol (58%) and Nicosia (21%).

Domestic Property Sale Contracts – 2016/2017 Comparison

District	Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
Nicosia	2016	43	70	10	69	68	92	94	58	75	70	73	116
	2017	63	69	71	62	103	150	109	70
Famagusta	2016	20	31	21	33	24	7	19	32	22	37	9	72
	2017	20	17	24	23	27	31	30	25
Larnaca	2016	68	96	85	91	93	75	91	67	90	81	74	114
	2017	77	80	85	49	76	70	62	63
Limassol	2016	68	158	145	122	126	162	156	101	142	202	196	307
	2017	97	130	176	152	202	227	194	160
Paphos	2016	61	72	59	65	105	126	74	88	98	83	111	171
	2017	73	47	82	93	88	157	93	81
Totals	2016	260	427	382	380	416	462	434	346	427	473	463	780
	2017	330	343	438	379	496	636	488	399

During the first eight months of 2017 property sales to the domestic market have risen 13% compared with the same period last year to reach a total of 3,508. However an unknown number of these relate to properties acquired by the banks as part of loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers.

Cyprus Property Sale Contracts 2000 – 2017

Year	Overseas Sales	Domestic Sales	Percentage Overseas Sales	Total Sales
2000	450	12,214	3.6%	12,664
2001	1,207	12,849	8.6%	14,056
2002	2,548	14,111	15.3%	16,659
2003	3,981	15,294	20.7%	19,275
2004	5,384	11,947	31.1%	17,331
2005	6,485	10,106	39.1%	16,591
2006	8,355	8,598	49.3%	16,953
2007	11,281	9,964	53.1%	21,245
2008	6,636	8,031	45.2%	14,667
2009	1,761	6,409	21.6%	8,170
2010	2,030	6,568	23.6%	8,598
2011	1,652	5,366	23.5%	7,018
2012	1,476	4,793	23.5%	6,269
2013	1,017	2,750	27.0%	3,767
2014	1,193	3,334	26.4%	4,527
2015	1,349	3,603	27.2%	4,952
2016	1,813	5,250	25.7%	7,063
2017 (Aug)	1,413	3,508	28.7%	4,921
Totals	60,031	144,695	29.3%	204,726

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Overseas property sales

Domestic property sales