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Property sales are slowing

According to data provided by the Department of Lands and Surveys, Cyprus property sales continued to rise in July, although at a slower pace than in previous months, with sales to the foreign market leading the way and a minor decline in sales to the domestic market compared to July 2020.

Total revenue

In July, 864 contracts for the acquisition of real estate, including residential, commercial, retail, and land, were lodged at Land Registry offices around the Republic, representing a 5% rise over the June 2020 number of 825. (This compared to a 44% increase in sales in June.)

While four of the island’s districts saw a rise in property sales, sales in Nicosia (the capital) dropped by 2% compared to July 2020.

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Total revenues increased by 31% in the first seven months of 2021.

Residential real estate sales

Despite the fact that the number of new loans for home purchases reached a record high of €114 million in June, domestic property sales decreased by 1% in July compared to July 2020.

Although sales increased in Paphos and Famagusta, they decreased in the remaining three districts.

Sales to the domestic market increased by 48 percent in the first seven months of 2021 when compared to the same time previous year.

(However, the statistics will include an unknown number of ‘non-sale’ agreements such as loan restructurings, recoveries, and debt-to-asset swaps negotiated between banks and defaulting borrowers as part of the banks’ efforts to decrease their non-performing loan portfolios. Unfortunately, the Department of Lands and Surveys does not independently publish these statistics.)

International sales

Foreign sales (EU and non-EU nationals) increased by 17% in June compared to June 2020, with sales increasing in all districts except Paphos and Famagusta.

Property sales to the international market increased by 6% in the first seven months of 2021 when compared to the same time previous year.

Foreign sales to European Union nationals

Sales to EU nationals increased by 26% in July compared to June 2020, and are up 46% year on year.

With the exception of Famagusta, where sales dropped by 29%, sales increased in other districts.

Foreign sales to residents of countries other than the EU

Sales to non-EU nationals increased by 7% in July compared to July 2020, but are down 15% year on year.

With the exception of Paphos, where sales dropped by 33%, sales increased in other districts.

Property sales data since 2000 have been analyzed.

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