CYPRUS PROPERTY UPDATES. JULY 2019

The Cyprus real estate market is steady - the number of property sales in July 2019 was the same as the number sold in the corresponding month last year, according to statistics from the Department of Lands & Surveys.

The total number of contracts deposited for the sale of commercial property, residential property, building plots and land reached 896. Of them 476 (53%) were deposited by locals and the remaining 420 (47%) by foreign nationals. The foreign sales are shared by EU citizens 31% (146) and non-EU citizens 69% (274).

During the first seven months of 2019, the number of sales has gone up by 20.3% and reached 6456 compared to 5366 in the corresponding period of last year. In percentage terms, sales in Paphos have risen by 29.6%, Nicosia 23.6%, Larnaca 21.0%, Limassol 15.1% and Famagusta 7.1%. In terms of the total number of sales Limassol is a definite leader with the number of contracts reaching 2273.

Sales to the Cypriot market rose by 1% in July 2019 compared to the same month in 2018. During the first seven months of 2019, domestic sales rose by 29% compared with this period last year.

Property sales to the overseas (non-Cypriot) market fell by 1% during July 2019, which only constitutes 6 contracts in numbers - 420 contracts of sale deposited compared with 426 in July 2018. During the first seven months of 2019, sales to the overseas rose by 11% compared with the same period last year.

Property sales to EU nationals fell 3% in July compared to this month last year. During the first seven months of 2019, sales to EU nationals rose by 10% compared with the same period in 2018. Sales to non-EU nationals fell 1% in July against July 2018 while during the first seven months of 2019, property sales to non-EU nationals rose by 12% compared with the same period last year.