Cyprus Property Updates. April 2019

In April 2019 Cyprus property sales have reached their highest since September 2008, making it a staggering 61% rise compared to the figures of the corresponding month last year!

According to the statistics from the Department of Lands and Surveys 1,057 contracts were deposited at Land Registry offices in April 2019 for the sale of commercial and residential properties and land compared with 655 in April 2018. This is the biggest figure recorded since September 2008 when the contracts deposited reached 1,157.

Even though the surge was to some extent triggered by the introduction of new Investment Programme criteria as of May 15th 2019 and the rush of some investors to proceed with the application before their implementation, this is a healthy sign that the Cyprus real estate market is definitely regaining it’s strength shattered in the troublesome times of 2010-2013.

During the first four months of 2019 sales rose by 23% compared to the same period last year. Sales in Paphos rose 33%, while Larnaca and Limassol followed with 21% and 17% respectively.

628 (59%) of the 1,057 contracts were deposited by Cypriots which corresponds to a 91% rise as compared to April 2018, with significant rises in all districts. During the first four months of 2019, domestic sales rose by 37% compared with the same period last year. The remaining 429 (41%) sale contracts were deposited by non-Cypriots (compared to 326 in April 2018) – 123 of whom were EU citizens and 306 non-EU citizens.

Property sales to the overseas market during April 2019 saw a 32% rise with 429 contracts of sale deposited while year on year stats for the first four months of 2019 show that sales to foreigners rose by 9% compared with the same period last year.

The rise in sales to EU and non-EU nationals in April compared with the same month last year showed almost identical numbers - 31% for Europeans and 32% to non-Europeans. During the first four months of 2019 sales to EU nationals have risen 17% compared to the first quarter of 2018 while sales to non-EU nationals have risen 6% compared to the same period last year.