CYPRUS PROPERTY UPDATES. MAY 2019

Yet another record breaking property sales numbers from the Cyprus Department of Lands and Surveys! In May 2019 they reached the highest recorded level since July 2008 according the official figures.

Property sales in May 2019 shot up by staggering 72% compared to the corresponding month last year. During that month a total of 1,423 contracts for the sale of commercial and residential properties and land were deposited in Land registry offices compared to 828 in May 2018. It is interesting to note that it was also the largest monthly figure recorded since July 2008 (back then 1,542 contracts were deposited). Of the 1,423 registered contracts, 800 (59%) were deposited by Cyprus citizens and the remaining 623 (41%) by non-Cypriots – 147 EU citizens and 476 non-EU citizens. The surge may have been somewhat helped by the fact that more foreign nationals rushed to acquire Cypriot citizenship before new criteria were introduced on May 15th, but the stats also show a strong growth in domestic market. Property sales rise was recorded in all districts of the island with Pafos leading the way (here the sales have more than doubled!), while sales in Limassol rose by 94%, Larnaca 53%, Nicosia (the capital) and Famagusta 39% and 10% respectively.

Cyprus property sales – year to date

In the first five months of 2019, the sales increased by 34% and reached 4846 compared to 828 in the corresponding period of last year. Sales in Pafos rose by 41%, Nicosia 36%, Limassol 34%, Larnaca and Famagusta 28% and 21% respectively. In terms of numbers Limassol showed the highest number (1768), followed by Pafos (1211), Nicosia (868), Larnaca (670) and Famagusta (329).

Domestic sales

Sales to the local buyers rose by impressive 83% compared to May 2018, with Pafos being an absolute record breaker with 307%! Sales in Limassol rose 95%, Larnaca 51%, Famagusta and Nicosia 32% and 24% respectively. During the first five months of 2019, domestic sales rose by 48% compared with the same period last year

Overseas sales

Overseas (non-Cypriot) market also showed a significant rise during May 2019 reaching 59% with 623 contracts of sale (compared with 392 in May 2018). Nicosia leads with 150%, Limassol follows with 92%, Larnaca and Pafos 55% and 45% respectively.

During the first five months of 2019, sales to the foreigners rose by 20% compared with the same period last year. 17% was the rise of sales to EU nationals in May compared with the same month last year, while property sales to non-EU nationals rose by 79%. Sales in Nicosia rose 150%, followed by Limassol with 101%, Pafos, Larnaca and Famagusta 82%, 43% and 23% respectively. During the first five months of 2019 sales to non-EU citizens rose by 21% compared to the same period last year.