Although the number of property sales in July rose compared to the same month last year, there may be signs that the remarkable 28% increase in the number of sales reported in the first half of the year may be slowing.
In a statement yesterday, the president of the Cyprus Real Estate Agents Registration Council (Marinos Kineyirou) said that “It is evident that this year’s data is significantly better compared to the first half of 2022,” but noting that “we should recall that the first half of 2022 was particularly problematic as pandemic measures were still in effect, and we also faced the outbreak of the war in Ukraine and an increase in economic uncertainty, which restrained the market”.
Adding that “I believe more meaningful conclusions will be drawn when we have the data for the second half of 2023.”.
The latest official figures from the Department of Lands and Surveys show that the number of properties sold in July (as measured by the number of contracts deposited at Land Registry offices) rose 12 per cent compared to the same month last year; the second smallest monthly increase this year.
The total number of sales in July 2023 reached 1,362 compared to 1,218 deposited in July 2022.
Sales rose in all districts, with the exception of Nicosia where the number of sales remained unchanged. Limassol recorded the highest number of sales (429), followed by Larnaca (326), Paphos (286), Nicosia (260), and Famagusta (61).
Year to date property sales
Sales during the first seven months of 2023 sales reached 9,051; an increase of 21% compared to the 7,481 achieved in same period last year with sales rising in all districts.
Market segment analysis
Property sales to the domestic market
Real estate sales to the domestic market in July rose 6% compared with July 2022 but with Paphos, Famagusta, and Nicosia reporting falls of 23%, 3% and 2% respectively.
Limassol reported the highest number of sales (247), followed by Nicosia (221), Larnaca (175), Paphos (72) and Famagusta (32).
Sales to the domestic market during the first seven months of 2023 stood at 4,859; an increase of 12% on the 4,338 achieved over the same period last year.
However, these figures may include an unreported number of ‘non-sale’ agreements such as loan restructurings, recoveries and debt-to-asset swaps agreed between financial institutions and defaulting borrowers in efforts by the banks to reduce their non-performing loan portfolios. Unfortunately, the Department of Lands and Surveys does not record these separately.
Property sales to the overseas market
Sales to foreigners (non-Cypriots) were up 19% compared to July 2022 with sales rising in all districts.
Paphos recorded the greatest number of sales (214), followed by Limassol (182), Larnaca (151), Nicosia (39) and Famagusta (29).
Foreign real estate sales during the first seven months of 2023 reached 4,192; a 33% increase on the 3,143 achieved in the same period last year.
Property sales to EU citizens
Sales to EU nationals continued to fall, dropping 20% compared to July 2022, with sales falling in all districts with the exception of Nicosia.
Paphos achieved the greatest number of sales (77), followed by Limassol (39), Larnaca (34), Nicosia (19) and Famagusta (10).
Sales to EU nationals during the first seven months of 2023 reached 1,148; a fall of 23% compared to the 1,476 achieved in the first seven months of 2022.
Property sales to non-EU citizens
Sales to non-EU Nationals rose 49% compared to July 2022, with sales rising in all districts.
Limassol recorded the highest number of sales (143), followed by Paphos (137), Larnaca (117), Nicosia (20) and Famagusta (19).
Sales to non-EU nationals during the first seven months of 2023 reached 3,044, an 83% increase on the 1,1667 achieved in the same period last year.
