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Property sales rise among local and EU buyers

08.02.2020

A 12% increase in property sales during 2019 was due to Cypriots and EU citizens, while the number of sales to non-EU citizens remained stable. These data, published by the Land Department, show that the growth in real estate sales in Cyprus can be attributed almost exclusively to the internal (Cypriot) and foreign markets of the EU.

Local sales

Real estate sales in the domestic market, which accounted for 57% of all sales, grew by 21% year on year. In percentage terms, Paphos led with sales up 55% year on year, followed by Larnaca, where sales grew 26%. Meanwhile, sales in Nicosia grew by 23%, while sales in Famagusta and Limassol grew by 18% and 10% respectively. But in Limassol, the largest number of sales was recorded (2321), followed by Nicosia (1693), Larnaca (829) , Paphos (743) and, finally, Famagusta (298). (Please note that some of these domestic sales could be related to the acquisition by banks of property under loan restructuring agreements, etc.)

EU sales

Real estate sales in the EU overseas market, accounting for 15% of all sales, were up 7% year on year. An increase in the number was recorded in all areas except Famagusta, where sales fell by 6%, and Paphos, where they remained stable. In percentage terms, Nicosia (the capital) was in the lead with annual sales growth of 43%, followed by Larnaca (+ 29%) and Limassol (+ 7%). But Paphos recorded the largest number of sales (755), followed by Limassol (286), Larnaca (189), Nicosia (157) and, finally, Famagusta (142).

However, sales to EU citizens over the past 7 months of 2019 increased by only 1%; probably as a result of the introduction of stricter criteria for foreigners wishing to obtain a Cypriot passport and citizenship in the framework of the government "Cyprus Investment Program".

Non – EU sales

Real estate sales to non-EU citizens, which accounted for 28% of all sales in 2019, grew by only 0.48% year on year. Although sales in Limassol and Paphos were recorded falling by 12% and 9%, respectively, sales rose in the remaining 3 districts. Sales in Nicosia grew by 23%, while sales in Paphos and Larnaca grew by 12% and 1%, respectively. Paphos recorded the largest number of sales (1132), followed by Limassol (910). Meanwhile, sales in Larnaca, Famagusta and Nicosia amounted to 550, 213 and 148, respectively.

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