In August, real estate sales decreased by 10% compared toAugust 2018, when sales fell in all market segments, with the exception ofsales to EU citizens, which grew by 3% according to official data published bythe Department of Land Resources and Research. During August, the total numberof contracts submitted for the sale of commercial real estate, residential realestate and land plots reached 588; 10% drop compared to 653 contracts handeddown in August 2018. Of these 588 contracts, 344 (59%) were handed over byCypriots and the remaining 244 (41%) by non-Cypriots, of which 44% are EUcitizens and 56% are non-EU citizens. Although real estate sales in Nicosia andPaphos grew 13% and 6% respectively, this growth was destroyed by a 40% drop inFamagusta, 25% in Limassol and 1% in Larnaca.
During the first eight months of 2019, the number of salesincreased by 17% and reached 7,044, compared to 6,016 in the correspondingperiod last year. In percentage terms, sales in Paphos grew by 27%, while salesin Nicosia grew by 23%. Meanwhile, sales in Larnaca grew by 19%, sales inLimassol grew by 10%, and sales in Famagusta grew by 2%. However, in terms oftotal sales, Limassol leads with 2273, Paphos in second place with 1812 sales.
Sales in the Cyprus market in August fell 10% compared withAugust 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 eightmonths of 2019, domestic sales grew by 24% compared to the same period lastyear. (Please note that some of these domestic sales may have been caused bybanks acquiring property under loan restructuring agreements, etc.)
Real estate sales in the foreign (non-Cypriot) market inAugust 2019 also fell by 10%. 344 sales contracts were completed, compared to382 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 andLarnaca 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 Augustcompared with August 2018. Although sales in Limassol fell 29% and sales inNicosia remained stable, they grew 56% in Famagusta, 18% in Larnaca and 5% inPaphos. 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 isFamagusta; a decrease of 23%.
Sales to non-EU citizens went through a small jump, falling18% in August compared with the same month last year. Although sales in Nicosiagrew by 300% and in Paphos by 2%, they fell in the other three areas. Sales inFamagusta 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 citizensof non-EU countries increased by 9% compared to the same period last year.