Although the number of property sales in Cyprus continued to rise in June according to the number of sales contracts deposited at Land Registry Offices, only a marginal rise was reported compared with June 2017.

The number of property sales contracts deposited at Land Registry offices across the Republic of Cyprus during June 2018 rose just 2 per cent compared to June 2017 according to official figures published by the Department of Lands and Surveys.

This follows increases of 23% in May, 29% in April and 23% in March and is the smallest increase since February 2017 (when sales fell 9 per cent.) During June a total of 858 contracts or the sale of residential and commercial properties and land (building plots and fields) were deposited at Land Registry offices across Cyprus, compared with the 843 deposited in June 2017.

Property sales – year to date

During the first half of 2018 the number of contracts for the sale of property deposited at Land Registry offices has risen 24% to 4,470 compared to the 3,610 deposited during the first half of 2017. In terms of the number of properties sold this year Limassol is in pole position with 1,661 sales, followed by Paphos with 1,037, Nicosia with 784, Larnaca 656 and finally Famagusta with 193.

Overseas property sales

The Land Registry figures reveal that a total of 385 property sale contracts were deposited by non-Cypriots during June 2018. Of those 126 were deposited by EU citizens and the remaining 259 by non-EU citizens, but we cannot quantify the number of non-EU citizens who bought property with a view to applying for citizenship. Limassol was the most popular district with the overseas market with the number of property sales contracts deposited reaching 131. Paphos recorded 125, Larnaca 72, Famagusta 34 and Nicosia 23.

 

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