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July Property Sales

08.08.2019

The number of real estate sales in Cyprus in July was the same as in July 2018, with sales declining in all areas except Larnaca. Moreover, the number of sales contracts registered in the Land Department amounted to 896 according to official data published by the Department of Land Resources and Surveys.

Of the 896 contracts for the sale of commercial and residential real estate, as well as land and land, 476 (53%) were handed over by Cypriots, the remaining 420 (47%) by foreign citizens, of which 31% (146) were EU citizens and 69% (274) - not EU citizens.

With the exception of Larnaca, where sales were up 40% from July 2018, they fell in the remaining four areas. As a percentage, Famagusta recorded the largest drop of 20%, while property sales in Limassol fell by 9%, while sales in Paphos and Nicosia fell by 1%.

In the first seven months of 2019, the number of sales increased by 20.3% and reached 6456, compared to 5366 in the corresponding period last year. As a percentage, sales in Paphos grew by 29.6%, while sales in Nicosia grew by 23.6%. At the same time, sales in Larnaca grew by 21.0%, sales in Limassol - by 15.1%, sales in Famagusta grew by 7.1%. However, in terms of total sales, Limassol leads with 2273.

Sales in the Cyprus market increased by 1% in July compared with July 2018. But while sales in Larnaca grew by 120%, they fell in the remaining four areas. Sales in Famagusta fell 90%, while sales in Paphos, Limassol and Nicosia fell 13%, 9% and 1%, respectively.

In the first seven months of 2019, domestic sales increased by 29% compared to the same period last year. However, some of these domestic sales could be caused by banks acquiring property under loan restructuring agreements, etc.

Real estate sales on the foreign market in July 2019 fell by 1%, while 420 sales contracts were concluded, compared to 426 in July 2018. Sales in Famagusta and Paphos grew by 9% and 3%, respectively, while sales in Nicosia remained stable. Sales in Limassol and Larnaca fell 9% and 6%, respectively.

For the first seven months of 2019, sales in the foreign market grew by 11% compared to the same period last year.

Real estate sales to EU citizens in July fell 3% compared with July 2018. Although sales in Nicosia, Limassol and Larnaca rose 18%, 8% and 7% respectively, they fell 15% in Famagusta and 8% in Paphos. For the first seven months of 2019, sales to EU citizens increased by 10% compared to the same period last year.

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