Property sales were doubled last year compared to 2013, when Cyprus plunged into the deep economic crisis. According to the Cadastre, in 2018 the year ended with 9,242 sales, compared to 3,676 in 2013.
It is worth noting that 50% of the properties bought were from foreigners, who mainly choose properties located in Limassol.
Specifically last year, 508 more properties were sold, as of 2017, while from 2016 real estate sales increased by 2.361.
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In 2018, most real estate sales were made in November with 925 sales, while sales rates were high in July, June, May and December. In July, 896 properties were sold, in June the number of properties sold was 858, in May 828 and in December the sales reached 800.
Less sales were made in August, as the real estate market has been affected by the summer holidays. Specifically, last August, 653 properties were sold.
Last year, Limassol had sales remittances, with 3,411 real estate sales being made throughout the year. Followed by Paphos, where 2,242 sales were recorded, recording an increase of 5% compared to 2017. Nicosia was third in sales as a total of 1,606 properties were sold. In Larnaca 1,345 houses and apartments were sold, while in the last place there is the Famagusta province where 638 real estate sales were made, which were increased by 2% compared to the previous year.
In addition, in 2017, 8,734 properties were sold, with sales in December surpassing each previous as they reached 1.537. The upward trend in sales began to appear as of November of the same year, where 906 properties were sold. In January, however, the number of properties sold was quite low as it was only 423 transactions.
And in 2017, Limassol was the first to sell 3.167 properties, followed by Paphos with 2,135 real estate sales. In Nicosia 1,464 properties were sold, 1,380 in Larnaca and 628 in Famagusta.
In 2016, an increase of 43% was recorded in property sales pancyprian. The sales documents for the whole year amounted to 7.013.
The highest increase was recorded in December, when the number of sales documents climbed to 121%, reaching 1,134.
Largest increase was recorded in Limassol. Sales papers amounting to 2.496 were filed. Paphos was followed, where vendor papers rose by 40%, to 1,740. In third place was Nicosia, where sales papers had increased by 38%, reaching 1.031. In Famagusta, the number of vouchers was 435. In December, the vendor documents showed a 107% increase, reaching 87. A 27% increase in the number of vouchers in Larnaca to 1,360.
The rise in property sales continued in 2015 as the sales documents deposited in the Land Registry amounted to 4.952. The champion of property sales for 2015 was Limassol with 1,566 sales papers. There were 1,241 real estate sales in the province of Paphos, while in Larnaca sales papers had reached 1,072 compared to 794 in 2014. In Nicosia 749 properties were sold and 324 properties were sold in the free area of Famagusta.
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In 2014, real estate sales recorded an increase for the first time since 2010. The sales documents deposited at the Land Registry amounted to 4,527 units in 2014, recording an annual increase of 20%. An increase has occurred in all cities. The largest increase of 37% was recorded by Famagusta with sales documents amounting to 330. In Limassol sales were increased by 35% to 1.417. Larnaca’s sales grew by 31% to 794 while sales increased by 6% in Nicosia to 748. In Paphos, sales increased to 6%.
In 2013, the real estate market moved at very low levels due to reduced household and business liquidity. The number of sales documents was 3,767 properties versus 6,269 in 2012 and 12,663 in 2000.
Foreigners have stimulated the market
In 2018, foreigners significantly strengthened the real estate market. Of the 9,242 properties sold, 4,421 were sold to foreigners. Of these, 1,428 come from European Union countries and 2,993 from third countries.
It appears from the evidence that the acquisition of a Cypriot passport is an incentive for many foreigners to invest in the island and to secure Cypriot citizenship.
In 2017, it was the year when foreign buyers began to return massively to Cyprus, upsetting the downward trend in real estate, followed by the haircut of deposits, wage cuts and shrinking the economy.
In 2017, the number of foreign buyers who invested in the island buying property was 2,406, but the Land Registry does not separate buyers into Europeans or non-Europeans. 347 foreign buyers chose to go on buying the property in December. From the analysis of the Cadastre data it appears that foreign buyers in 2017 preferred Paphos to buy property. Out of 2,406 buyers, 866 invested in real estate in Paphos and 810 in Limassol.
In 2016, some 1,810 foreign buyers invested in real estate, most of them in particular 611 chose Limassol. In Paphos, 571 foreign buyers secured real estate.
Lower interest was due to foreign buyers in 2015. Of the 4,952 real estate sales, 1,249 properties were purchased by foreigners.
In 2014 the number of foreign property buyers was 1,193 and in 2013 and was 1,017.
It is worth noting that in April 2013, a month after the Eurogroup decisions and the “haircut” of deposits, 177 foreigners came to Cyprus and bought real estate. In December, altogether, 113 foreigners invested in real estate and 103 in June.
Transfers have tripled
Moreover, the number of real estate transfers last year has tripled compared to 2013. According to the Cadastre, last year, 18,338 property transfers were made compared to 8,609 in 2013.
In detail, the number of items transferred in 2018 exceeded 18 thousand while the number of cases was 15,199. The total amount declared amounted to € 3.3 million and the accepted amount of € 3.6 million. In December 2018, most of the real estate transfers had reached 2.055 while the fewest transfers were made in January, when they reached 1.041 .
In 2017, 16,842 properties were transferred while the total number of cases was 14,212. The total amount declared was € 3.7 million and the accepted amount was € 4 million.
In 2016 the number of transfers was 16,110 and the cases were 13,543. The total amount declared was € 3.7 million and the amount accepted was 3.9 million.
According to the Cadastre, 11,469 properties were transferred in 2015 and the number of cases was around 10.5 thousand. The total amount declared was € 2 million and the accepted amount was € 2.2 million.
In 2014, 9,338 real estate transfers were made. The declared amount was € 1.6 million and the accepted amount of € 1.7 million.
In 2013, 8,609 properties were transferred. The declared amount was € 1.3 million and the accepted amount of € 1.4 million
Positive prospects and this year
Positive will be the prospects for the purchase of real estate for 2019. Our country is still an attractive destination for the purchase of real estate by foreigners.
According to an article by the Pancyprian Association of Land Development Entrepreneurs, Pantelis Leptos, the comparative advantages of Cyprus are reinforced by the granting of investment incentives and the future utilization of natural gas.
At the same time, he notes that the program of acquisition of Cypriot citizenship through investments as well as tax and town planning incentives contributed to the intense interest of foreign buyers.
It also indicates that the development sector, despite the difficulties encountered in the past years, remains a central pillar of the Cypriot economy.
He also notes that Cyprus needs serious foreign investment, which adds value to the Cypriot economy and creates jobs.
In conclusion, he stressed that efforts to strengthen the fiscal and economic environment of Cyprus should continue.
