Domestic and overseas property sales increase
Sales of property in Cyprus to the domestic and overseas market both improved in June according to the latest statistics from the Department of Lands and Surveys with the number of contracts deposited increasing.
Earlier today, the Department of Lands and Surveys published a breakdown of property sales which show that, during June, sales to the domestic market and the overseas market both improved compared to the same period last year. During June a total of 403 contracts for the sale of commercial and residential properties and plots of land were deposited at Land Registry offices across Cyprus; an increase of 157 per cent on the 267 contracts deposited during the same period last year. Of those 403 contracts, 305 (76%) were deposited on behalf of domestic buyers, while 98 (27%) were deposited in favour of overseas buyers.
Domestic property sales
With the exception of Famagusta and Paphos, where sales fell 9 per cent and 3 per cent respectively compared to last year, sales increased in all other districts. Sales in Limassol increased 137 per cent, while those in Larnaca and Nicosia rose by 110 per cent and 19 per cent respectively. During the first half of 2014 a total of 1,612 domestic sales have been achieved, an increase of 334 (26%) on the 1,278 sold during the first six months of 2013.
Overseas property sales
Property sales to the overseas market in June increased compared to June 2013, although not achieving the strong gains experienced during May. Paphos performed best, with the number of properties sold in the district more than the total numbers sold in Larnaca, Famagusta and Nicosia. Larnaca saw sales improve by 80 per cent and Limassol saw sales improve by 7 per cent – and although sales also increased in Famagusta and Nicosia, the numbers sold in June were still in single-digits. Cyprus overseas property salesDuring the first six months of 2014 a total of 601 overseas sales have been achieved, up 20% on the 501 achieved during the first half of 2013.
Will Cyprus bounce back?
Property sales to the domestic market may be slowly returning following the ‘haircut’ on bank deposits last year although it seems unlikely that they will reach 4,793 achieved in 2012. Sales to the overseas market are also improving and annual sales in 2014 could better the 1,476 sold in 2012 if the momentum continues. property sales 2000-2014