CYPRUS PROPERTY UPDATES. SEPTEMBER 2019

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.