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Real estate sales in August fell 10%.

19.09.2019

In August, real estate sales decreased by 10% compared to August 2018, when sales fell in all market segments, with the exception of sales to EU citizens, which grew by 3% according to official data published by the Department of Land Resources and Research. During August, the total number of contracts submitted for the sale of commercial real estate, residential real estate and land plots reached 588; 10% drop compared to 653 contracts handed down in August 2018. Of these 588 contracts, 344 (59%) were handed over by Cypriots and the remaining 244 (41%) by non-Cypriots, of which 44% are EU citizens and 56% are non-EU citizens. Although real estate sales in Nicosia and Paphos grew 13% and 6% respectively, this growth was destroyed by a 40% drop in Famagusta, 25% in Limassol and 1% in Larnaca.

During the first eight months of 2019, the number of sales increased by 17% and reached 7,044, compared to 6,016 in the corresponding period last year. In percentage terms, sales in Paphos grew by 27%, while sales in Nicosia grew by 23%. Meanwhile, sales in Larnaca grew by 19%, sales in Limassol grew by 10%, and sales in Famagusta grew by 2%. However, in terms of total sales, Limassol leads with 2273, Paphos in second place with 1812 sales.

Sales in the Cyprus market in August fell 10% compared with August 2018. Although sales in Limassol and Larnaca rose 10% and 7% in Nicosia, they fell 55% and 23% in Famagusta and Limassol, respectively. The first eight months of 2019, domestic sales grew by 24% compared to the same period last year. (Please note that some of these domestic sales may have been caused by banks acquiring property under loan restructuring agreements, etc.)

Real estate sales in the foreign (non-Cypriot) market in August 2019 also fell by 10%. 344 sales contracts were completed, compared to 382 in August 2018. Although sales in Nicosia and Paphos rose 86% and 4%, respectively, they fell in the remaining three areas.

Sales in Limassol fell by 30%, while sales in Famagusta and Larnaca fell by 19% and 15%, respectively. In the first eight months of 2019, sales abroad increased by 9% compared to the same period last year.

Real estate sales to EU citizens increased by 3% in August compared with August 2018. Although sales in Limassol fell 29% and sales in Nicosia remained stable, they grew 56% in Famagusta, 18% in Larnaca and 5% in Paphos. In the first eight months of 2019, sales to EU citizens increased by 9% compared to the same period last year. The only area where they fell is Famagusta; a decrease of 23%.

Sales to non-EU citizens went through a small jump, falling 18% in August compared with the same month last year. Although sales in Nicosia grew by 300% and in Paphos by 2%, they fell in the other three areas. Sales in Famagusta fell by 75%, while sales in Limassol and Larnaca fell by 30% and 25%, respectively. In the first eight months of 2019, real estate sales to citizens of non-EU countries increased by 9% compared to the same period last year.

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