Cyprus property sales slowing down

The number of properties sold in Cyprus slowed considerably in June, new figures show.

The latest data released by the Department of Lands and Surveys reveals that while the number of property sales in Cyprus did increase by 2 per cent in the year to the end of June 2018, this was a far smaller rise than the double digit increases that had been posted in the three previous months.

A total of 858 completed property sales were registered with the Department of Lands and Surveys. Around 45 per cent of these sales (385) were snapped up by foreign purchasers.

Limassol is the most popular district with the overseas market with the number of property sales contracts deposited in reaching 131. Paphos recorded 125 sales to foreign buyers, followed by Larnaca 72, Famagusta 34 and Nicosia 23.

In the first half of 2018, a total of 2,187 property contracts have been deposited by overseas buyers. Of these, 665 have been deposited by EU nationals and 1,522 by non-EU nationals.

This means Cyprus is on course to comfortably record its highest sales to the overseas market figure since 2008, when a whopping 6,636 Cypriot properties were snapped up foreign purchasers.

Since then, the highest number of sales to the overseas market in any given year occurred last year, when 2,406 properties were bought by foreigners.

Almost 49 per cent of all properties sold in Cyprus this year have been purchased by foreigners.

Article published 10th July 2018