Demand for Cyprus property by foreign investors continues to fall down

Спрос на недвижимость Кипра со стороны иностранных инвесторов продолжает падать
14 July 2020 Liza Medvetskaya
2695

The Cypriot real estate market counts a total of 197 sales to foreigners for June.

 It is estimated that real estate, for which sales documents have been filed with foreign buyers, occupied more than 30% of the total sales documents (646).

Of the 197, 142 were related to non-EU buyers and 55 to intra-EU buyers. The picture is similar in May, when out of 419 sales nationwide, 196 or 46.7% were foreign buyers. The market counts significant losses.

However, compared to June 2019, the domestic real estate market counts losses of more than 38%, as sales documents from foreign buyers had risen to 319 in that month.

For the half of the year (January - June 2020), sales by foreigners are estimated to have reached 1,391, of which 943 from buyers outside the EU and 448 from buyers within the EU, accounting for 42.5%.

It is noted that in the corresponding period of 2019, the sales documents with foreign buyers reached 2,482, of which 1,731 from buyers outside the EU and 751 from buyers within the EU, resulting in a drop of more than 62%.

According to the data of the Land Registry, Paphos maintained its dynamics in June with a percentage of over 42% or 83 sales, of which 65 outside the EU and 18 within the EU.

For the period January - June 2020, the sales documents with foreign buyers in Paphos reached 533, of which 345 were for buyers outside the EU and 188 buyers within the EU.

Next is Limassol, with 52 sales to foreigners in June this year, of which 37 outside the EU and 15 within the EU.

For the first half of the year, Limassol counts 378 (27.1%) sales to foreigners, of which 268 were related to buyers outside the EU and 110 to buyers within the EU.

Спрос на недвижимость Кипра со стороны иностранных инвесторов продолжает падать

Real estate sales to foreign buyers rose to 38 in Larnaca in June, of which 32 were non-EU buyers and 6 were EU buyers.

In the first half of 2020, Larnaca recorded 255 (18.3%) sales documents with foreign buyers, of which 201 were related to non-EU buyers and 54 to intra-EU buyers.

Sluggish sales in Nicosia and Famagusta

Only 13 were real estate sales to foreigners in free Famagusta in June, of which 9 from buyers within the EU and 4 from buyers outside the EU.

For the first half of 2020, free Famagusta counted 131 sales, of which 85 were non-EU buyers and 46 EU buyers.

In Nicosia, the picture was even worse, with 11 foreign documents sold in June, 7 of which had to do with buyers within the EU and 4 with buyers outside the EU.

For the period January - June, the capital recorded 94 sales to foreigners, of which 50 within the EU and 44 outside the EU.


Source: inbusinessnews.reporter.com.cy


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