Cyprus Property Updates November 2018

According to official figures by the Department of Lands and Surveys, in November 2018 the number of sales contracts rose by 2 per cent compared to November 2017. The market has been on the rise for 19 consecutive months, and this November’s 2% rise has followed a 6% rise in October, 14% in September and 14% in August.

The Land Registry offices throughout Cyprus have accepted a total of 925 contracts for the sale of residential and commercial properties and land this November, compared to the 906 deposited in November 2017. Of those contracts, 497 (53.7%) were deposited by Cypriots and 428 (46.3%) were for properties purchased by non-Cypriots; 143 by EU citizens and 285 by other nationals. The figures confirm an ongoing improvement in the country’s economic conditions, along with the government incentives aimed at boosting property sales and attracting foreign investment.

During the first eleven months of 2018 sales have increased by 17% and the number of sale contracts rose to 8,442 against 7,197 of the same period last year.

As the statistics show, 428 contracts were deposited by non-Cypriots during November 2018. Of them 143 (33.4%) were for properties bought by EU citizens and the remaining 285 (66.6%) by non-EU citizens. Pafos remains the most popular district with the overseas market, and the number of property sales contracts there reached 166, Limassol follows with 148, Larnaca 50, Famagusta 33 and Nicosia 20.

During the first eleven months of 2018, a total of 4,017 sales contracts were deposited by overseas buyers, with 1,293 (32.2%) deposited by EU nationals and 2,724 (67.8%) by non-EU nationals. Limassol remains most popular place for non-EU citizens, while Pafos is favoured by the majority of EU citizens.

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