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Property sales recovery underway!
Monday, June 13, 2016
 

Property sales recovery underway!

THE NUMBER of property sales in Cyprus during April 2016 increased by 35 per cent compared with April 2015 according to the official figures issued by the Department of Lands & Surveys earlier today.

The 35% increase in April follows a 19% increase in March and a 54% increase in February. Increased numbers of sales have been recorded for the last eight months and a recovery in the property market appears to be underway.

The increase in sales follows moves by the government to reduce Property Transfer Fees, and exemption from Capital Gains Tax where properties purchased by 31st December 2016 are subsequently sold. Recent announcements regarding the island’s long-awaited marinas should also help to encourage property sales in their respective locations.

Although the signs are encouraging, sales are still in the region of 60% below the numbers sold in 2000.

April saw a total of 514 contracts for the sale of commercial and residential properties and land (building plots and fields) being deposited at Land Registry offices across the island.

Of those 514 contracts, 74% (514) were deposited by domestic (Cypriot) purchasers, while 26% (134) were deposited by overseas (non-Cypriot) purchasers.

Although sales fell by 10% in the capital city Nicosia, they rose in all the other districts. Sales in Famagusta increased by 106% compared with April 2015, while sales in Larnaca, Limassol and Paphos rose by 90%, 44% and 14% respectively.

Total Property Sale Transactions – 2015/2016 Comparison

District

Year

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Nicosia

2015

46

45

83

88

86

61

60

37

65

64

60

54

 

2016

54

79

82

79

               

Famagusta

2015

16

27

17

17

21

33

45

14

30

29

33

42

 

2016

22

35

33

35

 

 

 

 

 

 

 

 

Larnaca

2015

90

71

98

67

68

111

95

75

85

87

111

114

 

2016

78

108

121

127

 

 

 

 

 

 

 

 

Limassol

2015

95

97

160

115

135

135

156

87

114

166

137

169

 

2016

92

179

197

166

 

 

 

 

 

 

 

 

Paphos

2015

74

85

94

94

95

124

140

88

91

117

105

134

 

2016

81

100

106

107

 

 

 

 

 

 

 

 

Totals

2015

321

325

452

381

405

464

496

301

385

463

446

513

 

2016

327

501

539

514

 

 

 

 

 

 

 

 

During the four months of 2016 sales have risen 27% to reach 1,881 compared with 1,479 sales during the first four months of 2015.

Domestic property sales

Property sales to the domestic (Cypriot) market in April rose 34% compared to April 2015, with sales reaching 380 compared with 284 in April last year.

With the exception of Nicosia, where the number of property sales fell 7%, they rose in all the other districts.

Sales in Larnaca rose 128% compared to April 2015, while sales in Famagusta, Limassol and Paphos rose 106%, 36% and 2% respectively.

Domestic Property Sale Transactions – 2015/2016 Comparison

District

Year

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Nicosia

2015

39

36

71

74

74

58

56

36

55

60

50

44

 

2016

43

70

10

69

               

Famagusta

2015

9

2

16

16

9

30

28

14

25

24

24

41

 

2016

20

31

21

33

 

 

 

 

 

 

 

 

Larnaca

2015

77

49

91

40

45

82

60

62

53

59

81

81

 

2016

68

96

85

91

 

 

 

 

 

 

 

 

Limassol

2015

71

77

147

90

86

100

123

65

81

127

82

123

 

2016

68

158

145

122

 

 

 

 

 

 

 

 

Paphos

2015

39

38

86

64

34

63

83

64

47

92

71

89

 

2016

61

72

59

65

 

 

 

 

 

 

 

 

Totals

2015

235

202

411

284

248

333

350

241

261

352

308

378

 

2016

260

427

382

380

 

 

 

 

 

 

 

 

Property sales to the domestic market during the first four months of 2016 are up 28% compared with the first four months of 2015 with sales reaching 1,449 compared to last year’s figure of 1,132.

Overseas property sales

Property sales to the overseas market also saw a strong growth – up 38% compared to April 2015, with sales reaching 134 compared with 97 in April last year.

With the exception of Nicosia, where sales fell by 29% they rose in all the other districts.

The two properties sold in Famagusta represented a rise of 100% in the number sold in April last year. Sales in Limassol rose 76%, while those in Paphos and Larnaca rose by 40% and 33% respectively.

Overseas Property Sale Transactions – 2015/2016 Comparison

District

Year

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Nicosia

2015

7

9

12

14

12

3

4

1

10

4

10

10

 

2016

11

9

10

10

               

Famagusta

2015

7

25

1

1

12

3

17

0

5

5

9

1

 

2016

2

4

12

2

 

 

 

 

 

 

 

 

Larnaca

2015

13

22

7

27

23

29

35

13

32

28

30

33

 

2016

10

12

36

36

 

 

 

 

 

 

 

 

Limassol

2015

24

20

13

25

49

35

33

22

33

39

55

46

 

2016

24

21

52

44

 

 

 

 

 

 

 

 

Paphos

2015

35

47

8

30

61

61

57

24

44

35

34

45

 

2016

20

28

47

42

 

 

 

 

 

 

 

 

Totals

2015

86

123

41

97

157

131

146

60

124

111

138

135

 

2016

67

74

157

134

 

 

 

 

 

 

 

 

Sales to the overseas property market during the first four months of 2016 are up 24% compared with the first four months of last year with sales rising to 432 compared with last year’s figure of 347.

Cyprus Property Sale Transactions 2000 – 2016

Year

Overseas Sales

Domestic Sales

Percentage
Overseas Sales

Total
Sales

2000

450

12,214

3.6%

12,664

2001

1,207

12,849

8.6%

14,056

2002

2,548

14,111

15.3%

16,659

2003

3,981

15,294

20.7%

19,275

2004

5,384

11,947

31.1%

17,331

2005

6,485

10,106

39.1%

16,591

2006

8,355

8,598

49.3%

16,953

2007

11,281

9,964

53.1%

21,245

2008

6,636

8,031

45.2%

14,667

2009

1,761

6,409

21.6%

8,170

2010

2,030

6,568

23.6%

8,598

2011

1,652

5,366

23.5%

7,018

2012

1,476

4,793

23.5%

6,269

2013

1,017

2,750

27.0%

3,767

2014

1,193

3,334

26.4%

4,527

2015

1,349

3,603

27.2%

4,952

2016 (Apr)

432

1,449

23.0%

1,881

Totals

57,237

137,386

29.4%

194,623


Contact Details

Lefteris Livadhiotis & Sons
50 Nikolaou Rossou St,
P.O.Box 42800
Larnaca 6021
Cyprus

Email: info@LivadhiotisDevelopers.com
Phone: +357 2482 3888
Fax: +357 2462 4222


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