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Cyprus Property Sales during the pandemic

04.05.2020

Cyprus property sales declined significantly as a result of COVID-19, as the pandemic caused the island's real estate market to be deeply frozen.

The pandemic affected almost all sectors of the island's economy and the global economy, which led to a slowdown in economic growth worldwide. Although some experts predict that the real estate market will recover in 2021, many airlines around the world are planning their future. Only in the UK: British Airways plans to lose more than 1,100 pilots and seriously reduce its operations at Gatwick Airport through 12,000 layoffs. Easyjet plans to dramatically reduce its fleet and cancel the order for 107 new Airbus aircraft. Irish airline Ryanair plans to cut 3,000 jobs and warned that passenger demand and pricing will take at least two years to recover from the coronavirus pandemic.

Since the Cyprus property market is heavily dependent on quality sales to well-established foreign investors, the market recovery in 2021 seems somewhat “optimistic”.

In April, a total of 216 property purchase and sale agreements were concluded with the land department offices throughout the island, compared with 1,057 delivered in April last year; drop by 80%. (The large number of sales in April and May last year was due to the fact that foreign investors were in a hurry to buy real estate before Cyprus introduced stricter criteria for those wishing to obtain citizenship as part of the government’s Cyprus Investment Program.)

Not surprisingly, sales fell in all areas. Famagusta suffered the most, where sales fell 90%, followed by Limassol and Larnaca, where sales in both areas fell 83%. Meanwhile, sales in Nicosia and Paphos fell by 78% and 68%, respectively.

In the first four months of 2020, Limassol remains the most popular among those who buy real estate.

To end on a more positive note, the government began a gradual easing of blocking rules on Monday. Assuming that the incidence rate does not increase, further weakening will occur, which may help trigger a recovery in domestic sales.

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