Number of Transactions with Foreigners Growing in Cyprus Property Market

На рынке недвижимости Кипра растёт число сделок с иностранцами
14 October 2021 DOM LiVE
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The department of Lands and Surveys has released the latest data on Cyprus property sales for September 2021.

As it turned out, in the first month of autumn, the number of purchase and sale transactions increased in all market segments compared to the same period in 2020.

Domestic real estate sales

Domestic property sales, which accounted for 63% of the total number of transactions in September, increased by 9% compared to September 2020 and by 41% if we compare with September 2019.

In total, 575 real estate purchase and sale agreements were concluded with local residents:

  • 210 - Limassol
  • 180 - Nicosia
  • 82 - Larnaca
  • 75 - Paphos
  • 28 - controlled areas of Famagusta.

The total number of transactions from January to September amounted to 4,664. The growth of interest from local buyers is associated, first of all, with the launch of the program of state subsidies for the purchase of housing on credit, as well as historically low mortgage rates (about 2.5% ).

However, it is worth considering that the real sales figures in this category include a number of "non-sale" agreements, such as loan restructuring, repayment and swaps of debts for assets, agreed between banks and borrowers that have not fulfilled obligations as part of the banks' efforts to reduce their NPL portfolios. Unfortunately, the Department of Lands and Surveys does not publish these numbers separately.

Продажи недвижимости зарубежным инвесторам

Общее количество продаж не киприотам в сентябре 2021 года выросло на 30% по сравнению с аналогичным периодом 2020 года и на 19% - по сравнению с сентябрём 2019 года. При этом, на иностранных покупателей пришлось 37% от общего объёма продаж жилья в стране.

В общей сложности с зарубежными инвесторами в сентябре 2021 года было заключено 339 договоров купли-продажи недвижимости. Из них:

  • 27 пришлось на Никосию,
  • 38 – на свободные районы Фамагусты,
  • 78 – на Ларнаку,
  • 110 – на Лимассол,
  • 86 - на Пафос.

Примечательно, что во всех регионах Кипра, за исключением Пафоса, где продажи упали на 2%, наметилась положительная динамика. Больше всего продажи выросли в Ларнаке – на 86%, за ними следуют Лимассол (38%), Фамагуста (31%) и Никосия (29%). В годовом исчислении количество сделок с иностранными покупателями просело только в Пафосе на 7%. В свободных районах Фамагусты показатели остались на том же уровне, что и раньше, а в Никосии, Ларнаке и Лимассоле выросли на 63%, 29%, 15%, соответственно.

Real estate sales to foreign investors

Total sales to non-Cypriots in September 2021 increased by 30% compared to the same period in 2020 and by 19% compared to September 2019. At the same time, foreign buyers accounted for 37% of the total volume of home sales in the country.

In total, 339 real estate purchase and sale agreements were concluded with foreign investors in September 2021:

  • 27 fell on Nicosia,
  • 38 - on controlled areas of Famagusta,
  • 78 - on Larnaca,
  • 110 - Limassol,
  • 86 - Paphos.

It is noteworthy that in all regions of Cyprus, with the exception of Paphos, where sales fell by 2%, there was a positive trend. Larnaca grew the most, with 86% growth, followed by Limassol (38%), Famagusta (31%) and Nicosia (29%). On an annualized basis, the number of transactions with foreign buyers dipped only in Paphos by 7%. In the controlled areas of Famagusta, indicators remained at the same level as before, while in Nicosia, Larnaca and Limassol they increased by 63%, 29%, 15%, respectively.

Real estate sales to EU citizens

Real estate sales to EU citizens in September 2021 increased by 30%, the total number of sales contracts was 159:

  • 19 deals fell on Nicosia,
  • 22 - on the controlled areas of Famagusta,
  • 26 - on Larnaca,
  • 42 - Limassol,
  • 50 - Paphos.

Sales to EU citizens rose in September in all cities in Cyprus. In percentage terms, the controlled areas of Famagusta are in the lead (267%), followed by Larnaca (86%), Nicosia (36%), Limassol (8%) and Paphos (2%). The total number of transactions from January to September with EU citizens was recorded at around 1140.

На рынке недвижимости Кипра растёт число сделок с иностранцами

Real estate sales to third country nationals

Total sales to non-EU citizens increased by 30% compared to the same period in 2020. In total, 180 purchase and sale transactions were concluded in September 2021:

  • 8 - in Nicosia,
  • 16 - in the controlled areas of Famagusta,
  • 52 - in Larnaca,
  • 68 - in Limassol,
  • 36 - in Paphos.

Sales to third-country nationals in September 2021 increased in Nicosia (+ 14%), Larnaca (+ 86%), Limassol (+ 66%), on the contrary, fell in Famagusta (-30%), Paphos (-%).

In turn, the total number of transactions with third-country nationals from January to September amounted to 1199. On an annualized basis, sales in Paphos and Larnaca decreased by 37% and 22%, respectively, in Nicosia they increased by 49%, and in Larnaca and Limassol - by 10% and 2%, respectively.

На рынке недвижимости Кипра растёт число сделок с иностранцами

Have you decided to buy an apartment or a house in Cyprus? Contact the DOM Real Estate Portal! The website has a large selection of real estate objects - residential and commercial. Experienced agency specialists will be happy to help you make the right choice.
Source: news.cyprus-property-buyers.com
Photos: pixabay.com, DOM
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