Sales up 18 per cent in first nine months of 2022

Sales up 18 per cent in first nine months

The Department of Lands & Surveys reports that 1,157 property sales contracts were deposited at Land Registry offices across Cyprus in September compared with 914 in September 2021; an increase of 27%.

Sales rose in all districts with Limassol leading the way with 398, followed by Paphos (240), Larnaca (226), Nicosia (215) and Famagusta (78).

In the first nine months of 2022 a total of 9,610 contracts were deposited, an 18% increase compared to the 7,003 deposited during the same period in 2021, with the number of sales the highest achieved since 2008.

Comments on sales from the director of Lands and Surveys

Speaking to the Cyprus News Agency (CNA), the Director of the Department of Lands and Surveys Dr. Elikkos Elias said that around 10,000 sales contracts are deposited annually as well as the exchange of some 16,000 to 17,000 properties as a gift.

Dr. Elias pointed out the Department’s significant contribution to the Cypriot economy with the value of some 18,000-19,000 property sales amounting to €3-4 billion.

In 2021, 18,463 property sales valued at €3.19 billion were registered of which 15,406 were sold to Cypriots, 1,987 to EU citizens and 1,070 to third country nationals.

In 2020, 14,663 properties valued at €2.73 billion were sold. In 2019, 17,988 properties valued at €3.55 billion and in 2018, 8,336 properties valued at €3.61 billion were sold.

Market segment analyses

Property sales to the domestic market

Domestic real estate sales in September, as measured by the number of sale contracts deposited at Land Registry offices, rose 5% compared to September 2021. The districts of Nicosia and Famagusta both reported a drop in sales

Limassol saw the greatest number of sales followed by Nicosia, Larnaca, Paphos and Famagusta.

Sales to the domestic market during the first nine months of 2022 sales reached 4,089, a 19% increase on the 4,089 achieved during the same period last year.

Property sales to the overseas market

Sales to foreigners (non-Cypriots) were up 64% compared to September 2021 with sales rising in all districts with the exception of Famagusta, where sales fell by 21%.

Limassol achieved the greatest number of sales, followed by Paphos, Larnaca, Nicosia and Famagusta.

Foreign real estate sales during the first nine months of 2022 reached 4,134; a 77% increase on the 2,339 achieved in the same period last year.

Property sales to EU nationals

Sales to EU nationals rose 27% compared to September 2021. Although sales in Limassol fell 20% and sales in Famagusta remained steady, these were outweighed by increases in Paphos, Nicosia and Larnaca.

Foreign real estate sales to EU nationals during the first nine months of 2022 reached 1,859; an 63% increase on the 1,140 achieved in the same period last year.

Property sales to non-EU nationals

Sales to non-EU Nationals rose by 97% compared to September 2021. Although sales in Famagusta fell, these were outweighed by increases in Limassol, Paphos and Nicosia and Larnaca.

The highest number of sales were recorded in Limassol, followed by Paphos, Larnaca, Nicosia and Famagusta.

Overseas sales to non-EU nationals during the first nine months of 2022 reached 2,275; a 90% increase on the 1,199 achieved in the same period last year.

 Source: Cyprus Property News