Property sales in Cyprus kept their momentum in May 2018, since the number of sales contracts deposited at Land Registry Offices marked a 29% rise compared with last year’s May.
Let it be noted that this new surge is the fourth in a row, since February’s 46%, March’s 23%, and April’s 29% rise.
Going down to details, during May 2018, an overall of 828 sale contracts of residential and commercial properties and land (including building plots and fields) were deposited at the Land Registry office – 70 more than May 2017. A little more than 47.3% of these contracts (namely 392) involved purchases made by non-Cypriots. If nothing else, the numbers clearly indicate a constant upgrading of the financial ambience, favoured by certain administration measures, notably the grant of EU citizenship through property investments. Nevertheless, the decision of the Council of Ministers to reduce the number of eligible citizenship applications to 700 per year could lead to a sales drop in the future, particularly among non-EU citizens.
It is true that Larnaca and Limassol saw a drop in their sales by 5%, considerable surges took place in all other districts, especially in Famagusta, who marked an impressive 108% rise. Nicosia came second but far behind (30%), and Paphos ranked third (10%). Still, percentage rates don’t always tell the whole story: while sales in Limassol dropped by 5% in May, the district did record the highest number of sales during May, namely 282.
Property sales – year to date
From January to May 2018, the real estate sales contracts deposited at the Land Registry Office across the Republic has steadily increased by 31% - 3,612 seen against the 2,767 sales of the first five months of 2017. Famagusta has again led the way with an 84% rise. Nicosia came second with a rise of 51% followed by Paphos (29%), Limassol (28%) and Larnaca (4%).
Overseas property sales
According to the official Land Registry records, 392 property sale contracts were deposited by non-Cypriots in May, 126 by EU citizens and the rest (266) by non-EU citizens. Unfortunately, there is no way to specify how many non-EU citizens acquired property as a means to obtain citizenship rights.
Paphos is again the most popular district pertaining to real estate investors from abroad, with no less than 158 deposited sales contracts, followed by Limassol (94), Larnaca (58), Famagusta (45), and, as usual, Nicosia (18).
It should also be noted that, from January to May 2018, 1,802 property sales contracts have been deposited by foreign buyers: 539 by EU citizens and 1,263 by non-EU buyers. Paphos preserves its lead as the most popular site for foreign property investors, with a number of 724 sale contracts. Limassol comes second (534), Larnaca third (256), Famagusta fourth (192), and last we have Nicosia with 96 sale contracts.
Giovani Group, one of the major developers across the island, has what it takes to guide you through a successful real estate investment in Cyprus. Contact us for more information.