According to the Department of Land and Surveys, there was a 1% rise in total property sales in September 2019 compared to the relevant month last year, while the combined sales to locals and Europeans rose by 10%.
There were 692 contracts of sale in total deposited at Land Registry offices, of which 407 (59%) were deposited by on behalf of local (Cypriot) purchasers and the remaining 285 (41%) by foreign buyers. The Europeans bought 110 properties and non-EU nationals 175.
Sales to Cypriot buyers rose by 6% compared to September 2018. Sales in Nicosia rose 18%, in Larnaca by 12%, in Paphos and Limassol 6% and 1% respectively. If we consider the first nine months of 2019, sales to locals have risen 22% compared to the same period last year.
Total property sales to the overseas (non-Cypriot) investors fell 6% during September compared to this month in 2018. Having said that, in Pafos and Nicosia they rose by 16% and 10% respectively. During the first nine months of 2019, overseas sales have risen 8% compared to the same period last year.
Property sales to EU nationals increased by 29% in September compared to this month last year. They rose by a whopping 127% in Limassol and 24% in Paphos. During the first nine months of 2019, sales to EU nationals have risen 11% compared to the same period in 2019.
Property sales to non-EU nationals fell 19% in September compared to September 2018. In Nicosia and Paphos sales to non-Europeans rose by 36% and 10% respectively, but fell in the other districts. During the first nine months of 2019, sales to non-EU citizens have risen 6% compared to the same period last year.
From January to September 2019 the total number of property sales reached 7736 compared to 6706 the same period in 2018.
Get Free Consultation