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Cyprus Property Sales Fall in February

06.03.2020

Real estate sales in Cyprus fell 11% in February 2020 compared to February 2019 and 7% in the first two months of the year, according to official data from the Department of Land and Research.

Paphos suffered the most: the number of sales contracts submitted to the regional land administration fell by 19%, and in Limassol - by 12%. Meanwhile, the number of contracts registered in Nicosia, Larnaca and Famagusta fell by 8%, 6% and 2%, respectively.

In the first two months of the year, Limassol remains the most popular among property buyers, followed by Nicosia (the capital), Paphos, Larnaca and Famagusta. The only area where sales growth was recorded during the first two months is Larnaca.

 Local sales

Sales of real estate on the domestic market (which accounted for 54% of all sales for the month) fell by 10% compared to February 2019, with sales falling in all areas. Larnaca experienced the largest drop, by 22% compared with the same month last year. Sales in Limassol fell 11%, sales in Paphos fell 6%, and sales in Nicosia and Famagusta fell 5%. In the first two months of 2019, domestic sales fell by 4%. Although sales in Paphos, Nicosia and Larnaca rose 38%, 14% and 3% respectively, a 45% drop in Famagusta and 26% in Limassol more than destroyed growth in three other areas.

Overseas property sales

Real estate sales in the overseas market fell 13% compared to February 2019, when sales fell in three of the five areas of the island. While sales in Larnaca grew by 26% and sales in Famagusta remained stable, they fell 23% in Nicosia, 21% in Paphos and 14% in Limassol. In the first two months of 2019, sales in the foreign market fell by 11% compared to the same period last year. Although sales in the coastal cities of Famagusta and Larnaca, the cheaper areas of Cyprus for buying real estate, increased by 38% and 21% respectively, sales in Nicosia decreased by 34%, sales in Paphos decreased by 24%, and sales in Limassol sales decreased by 10 %

Sales to EU citizens

Sales to EU citizens remained stable compared to February 2019, when sales grew in three of the five areas of the island. Although real estate sales in Famagusta, Limassol and Larnaca grew by 133%, 20% and 8%, respectively, they fell 17% in Paphos and 14% in Nicosia. In the first two months of 2020, sales to EU citizens fell by 1% compared to the same period last year. Although sales in Larnaca, Limassol and Famagusta rose 42%, 41% and 33% respectively, they fell 25% in Nicosia and 22% in Paphos.

Sales to non EU citizens

Sales to non-EU citizens fell 19% compared to February 2019, when sales fell in all areas except Larnaca, where growth was 32%. Real estate sales in Famagusta fell 35%, while sales in Nicosia fell 31%. Meanwhile, sales in Limassol and Paphos fell by 25% and 24%, respectively. In the first two months of 2020, sales to non-EU citizens fell by 15% compared to the same period last year. Although sales in Famagusta and Larnaca rose 40% and 15%, respectively, they fell 42% in Nicosia, 26% in Paphos and 24% in Limassol.

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