Insider Economy Cyprus property sales drop in first two months of 2020

Cyprus property sales drop in first two months of 2020

Property sales this year are on the decline with the first two months recording a 7% drop. Sales in three districts were down with only Nicosia, the capital, and coastal Larnaca maintaining their momentum.

But even though coastal Limassol recorded a drop over the first two months of 2020, it still ranks first in sales documents. And Nicosia ranks second in sales documents but first in property transfers, according to the Mediterranean island’s Department of Land and Surveys.

The data also has the overall number of sales documents over the first two months of 2020 standing at 1,481 from 1,600 the corresponding period last year. Nicosia and Larnaca manage to maintain last year’s momentum with the capital’s sales documents increasing by 6% to 375, and Larnaca’s up by 11% to 265.

Limassol is on the downside, marking the biggest decline of all provinces with over a 20% drop in sales documents which reached 405 from 507 the same period last year. Although data on foreign buyers has not been released yet, the decline is linked to changes in the controversial citizenship by investment plan and to the negative effects on international markets by the coronavirus.

A similar downward trend is recorded in Paphos district as well. The number of sales documents decreased by 15% to 339 documents compared to 398 the same period last year. Sales in Famagusta remained almost the same, with 97 sales documents from 101 over the first two months of 2019.

At the same time, the picture in real estate transfers is somewhat different. While the number of property units to be transferred has increased this year, compared to the first two months in 2019, the value of transfers is down.

In January-February this year 2323 were recorded, compared to 2275 last year. One of three properties is in Nicosia (680 in total), followed by Limassol with 664, Paphos with 440, Larnaca with 418 and Famagusta with 121.

Compared to last year, three districts recorded an increase in the number of transfers – Nicosia by 21%, Limassol by 19.6% and Famagusta by 17.5%. As for the total value of transfers recorded over the two months of 2020, this dropped to €423 million compared to €503 million the corresponding period last year.


Read more:


Top Stories

France recalls ambassador to Ankara over Erdogan comments

  France condemned Turkish President Recep Tayyip Erdoğan’s remarks questioning the mental health of President Macron and recalled its ambassador to Ankara for consultations. The French...

130 cases today, most from private initiative-28 patients in hospital

  One hundred and thirty new Covid-19 cases were announced today, out of 4 thousand 285 tests, taking the total number of confirmed patients to...

Greece approaches four-digit covid cases, 935 today

  The second coronavirus wave is climaxing in Greece as it recorded 935 cases today, the highest number since the second wave begun gathering pace...

Erdogan says Macron needs ‘mental treatment’ over attitude to Muslims

  Turkish President Tayyip Erdogan launched yet another scathing tirade of insults on his French counterpart Emmanuel Macron, saying he needed mental treatment over his...

We are independent, Michaelides tells AG over golden passports

  We are not under anyone's custodianship, the Auditor General Odysseas Michaelides told Attorney General Yiorgos Savvides, who earlier called on his office to stay...


Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...


No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...