Insider Economy Property sales documents in March down by 33%

Property sales documents in March down by 33%

Economic indicators show that the coronavirus epidemic has already dealt a heavy blow to Cyprus’ real estate market with sales documents in March recording a 33% drop, Phileleftheros reports citing official statistics.

All districts except Nicosia, the capital, have recorded a decrease with the hardest hit being Paphos (-56%) and Limassol (-50%). These two coastal towns were once the leaders in property sales but the coronavirus crisis seems to have put the brakes on this.

The falling numbers are also due to the fact that many real estate offices had suspended operations after the first state decree on March 16 calling for a business shut down.

However, all these companies as well as the Land Registry, slowly-slowly made arrangements for employees to work from home. Something that did not prevent the real estate market’s stagnation which is proved by the falling number of sales documents.

It seems that only the capital is strong enough in this sector with the district’s number of sale documents increasing by 6% and reaching 139 in March, while in Limassol there was a 50% drop with 143 sales documents being submitted.

In Larnaca, the drop in sales documents reached 10% (106 sales documents), in Famagusta area 9% (41) and in Paphos 56% (81).

In the first quarter of the year, the island-wide decline was reduced to 16% with a total of 1991 sales documents submitted. Specifically, sales documents were down by 31% in Limassol, compared to the corresponding period last year, by 28% in Paphos and by 5% in Famagusta.

However, during the first quarter of the year, there was an increase in both Nicosia (6%) and Larnaca (4%).

Foreign buyers

The number of real estate transactions with foreign buyers has also recorded a substantial decrease.

A total of 368 sales documents by foreign buyers were submitted in March 2019 compared to 212 last month, marking a decrease of 42%. In March 2019, there were 243 property buyers outside the EU, compared to a total of 146 the same month this year.

By Demetra Landou

Read more:

Property sales in Cyprus in Jan 2020 again dominated by non-EU nationals

Top Stories

Three covid deaths in Cyprus, new cases drop further to 157 but fewer tests

  Cyprus recorded three covid deaths over the past 24 hours, raising the number to 170,  113 men and 57 women, with an average age...

Thousands protest in Amsterdam against Dutch coronavirus lockdown

  Several thousand today people held an unauthorised protest in Amsterdam against a national lockdown to slow the spread of the coronavirus pandemic, before being...

Search and rescue crews looking for woman off Larnaca

  The Search and Rescue Coordination Centre in Larnaca received a call around four in the afternoon about a 70 year old woman missing off...

Rapid Test locations on Monday Jan 18

Here are the rapid test locations for Monday January 18 Limassol Apostolos Loukas church, Ayios Athanasios (Ayios Athanasios refugee settlement) 8.30-4.30 Ayios Stylianos church, Linopetra 8.30-4.30 Mesa Yeitonia Cultural Centre...

German FM says COVID curbs should be eased for vaccinated people

  People who have been vaccinated against COVID-19 should be allowed to go to restaurants and cinemas earlier than others, a German minister said, contradicting...

Taste

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...

Mezedes

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...