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Property sales to local and European buyers

08.10.2019

Real estate sales in September increased slightly by 1% compared to September 2018. While total sales to local and foreign buyers from the EU grew by 10%, sales to non-EU citizens declined. 19% according to official figures published by the Department of Land Resources and Research. Of the 692 contracts deposited in Land Registry, 407 (59%) were transferred on behalf of the local (Cypriot) buyer, and the remaining 285 (41%) were transferred to foreign buyers, of which 110 were EU citizens and 175 were non-EU citizens.

Sales to Cypriot buyers in September increased by 6% compared to September 2018. With the exception of Famagusta, where sales fell 24%, sales rose in all other areas; sales in Nicosia grew by 18%, while sales in Larnaca, Paphos and Limassol grew by 12%, 6% and 1%, respectively. In the first nine months of 2019, local sales increased by 22% compared to the same period last year. (However, after a significant increase in total sales in May, total sales in the local market in June, July, August and September fell by 5% compared to the same period last year.)

The total volume of real estate sales in the foreign (non-Cypriot) market in September fell by 6% compared to September 2018.

Although sales in Paphos and Nicosia grew by 16% and 10%, respectively - and remained stable in Famagusta, they fell by 43% in Larnaca and 16% in Limassol. In the first nine months of 2019, sales abroad increased by 8% compared to the same period last year. (However, after a significant increase in total sales in May, total sales to foreign markets in June, July, August and September fell by 8% compared to the same period last year.)

Real estate sales to EU citizens rose 29% in September compared to September 2018. Although sales in Larnaca and Nicosia fell 60% and 20% respectively and remained unchanged in Famagusta, they grew by 127% in Limassol and 24% in Paphos. In the first nine months of 2019, sales to EU citizens increased by 11% compared to the same period last year. (In addition, after a significant increase in sales recorded in May, total sales to EU citizens in June, July, August and September increased by 4% compared to the same period last year.)

Real estate sales to citizens of non-EU countries fell 19% in September compared to September 2018. With the exception of Nicosia and Paphos, where sales rose 36% and 10% respectively, they fell in the remaining three areas. Sales in Famagusta fell by 42%, while sales in Limassol and Larnaca fell by 40% and 37%, respectively. In the first nine months of 2019, sales to citizens of non-EU countries increased by 6% compared to the same period last year. (However, after a significant increase in total sales in May, total sales to citizens of non-EU countries fell by 15% in June, July, August and September compared to the same period last year.)

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