As the end of the coronavirus pandemic becomes in sight, Cyprus has seen an increase in property sales.
The statistics published by the Department of Lands and Surveys show that Cypriot buyers are leading in the number of property transactions on the island. Thus, real estate sales to local buyers grew in April 2021 by a record 536% compared to April 2020.
Sales increased in all cities on the island:
- Limassol - by 826%
- Nicosia - by 614%
- Famagusta - by 483%
- Larnaca - by 416%
- Paphos - by 200%.
Cypriot buyers purchased 1,984 properties in the first four months of the new year (1209 in the same period last year).
It is worth noting that these figures include a number of “non-sale” agreements, which include loan restructuring, debt repayment and exchange for assets agreed between banks and default borrowers. Unfortunately, the Department of Lands and Surveys does not separately publish the exact figures for such transactions. Common sales transactions include commercial, retail, office and land plots in addition to residential properties (houses and apartments).
Sales to foreigners
The number of sales to non-Cypriots in April 2021 almost doubled compared to the same month in 2020 as sales increased in all districts.
Larnaca leads in percentage terms, where sales growth was recorded at +518%, followed by Famagusta (+175%), Nicosia (+144%), Limassol (+61%), Paphos (+31%).
In the first four months of 2021, the number of sales to foreigners decreased by 46%, with a total of 833 contracts concluded compared to 1540 in the same period of the last year.
However, sales are expected to rise as international travel becomes more affordable and foreigners can fly to Cyprus.
Sale of real estate to EU citizens
Sales to Europeans, which accounted for 14% of all sales, performed well. The number of deals with EU citizens increased in April 2021 by 174% compared to April 2020, as sales increased in all cities.
Nicosia is in the lead in percentage terms, where sales growth was recorded at +300%, followed by Limassol (+158%), Famagusta (+67%), Paphos (+50%).
375 sales contracts were concluded with EU citizens in the first four months of 2021 (341 in the same period of the last year).
Sales to non-EU citizens
Cyprus property sales to third country nationals, which accounted for 16% of total sales, were not as record high as in other segments. However, the number of transactions with third-country nationals increased in April 2021 by 61% compared with April 2020. Sales increased in all cities of Cyprus
Famagusta leads in percentage terms, where sales growth was recorded at +500%, followed by Larnaca (+236%), Nicosia (+67%), Limassol (+30%), Paphos (+15%).
In the first four months of 2021, 458 sales contracts were concluded with third-country nationals, (657 (-30%) in the same period of the last year).
