PWC’S CYPRUS Real Estate Market for the first half of 2019 reports that the value of property transactions (sale contracts and transfers) over the period rose by 25% to reach €2.5 billion compared to the same period last year.
The number of properties transacted over the period also rose to reach 7,900.
PwC reports that the significant growth “appears to have been fuelled by a surging flow of foreign capital in the residential property” and that the clear slowdown in growth during Q3 2019 “should be monitored.”
- Limassol had the lions share of transactions; 44% of the transaction value and 33% of the number of properties sold.
- Paphos, which is predominantly driven by overseas buyers, came in second with 25% of the transaction value and 22% of the properties sold.
- Nicosia had 15% of the transaction value and 21% of the properties sold.
- Larnaca had 10% of the transaction value and 18% of the properties sold.
- Famagusta had 6% of the transaction value and 6% of the properties sold.
April had the strongest month with the value of transactions reaching approximately €600 million; a quarter of the total.
Transactions by property type:
- Apartments – 3,600 sold value €1.1 billion.
- Houses – 1,900 sold value €0.9 billion.
- Land – 2,000 sold value €0.4 billion.
- Commercial – 300 sold value €0.1 billion.
- Other – 100 sold value €0.05 billion.
Sales to overseas buyers
The first half of 2019 saw the number of properties acquired by overseas buyers reaching 2,482. Approximately 70% of those buyers were nationals of non-EU countries.
In terms of value, non-EU buyers accounted for approximately 45% of total transactions during the first half of 2019.
Further details and analyses are available the PwC publication ‘Cyprus Real Estate Market – First Half in Review – H1 2019‘.
