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REAL ESTATE

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More Than Twice As Many Property Sales Were Made To Non-EU Citizens Than EU Citizens In January

More Than Twice As Many Property Sales Were Made To Non-EU Citizens Than EU Citizens In January

More than twice as many property sales were made to non-EU citizens than EU citizens in January according to official statistics published by the Department of Lands and Surveys last Friday, the Cyprus Property News reported.

Property sales to the domestic market, which accounted for 44% of all sales, rose 2% in January compared with January 2019. While sales in Famagusta and Limassol fell by 69% and 41% respectively, they rose in the remaining three districts. Sales in Paphos rose by 83%, while sales in Larnaca and Nicosia rose by 41% and 40% respectively.

Nicosia had the highest number of sales (178), followed by Limassol (98), Larnaca (76), Paphos (55) and finally Famagusta (10). EU property sales Property sales to the overseas EU market, which accounted for 14% of all sales, fell 3% compared to January 2019. While sales in Larnaca and Limassol each rose by 75%, these increases were wiped out by falls of 36% in Nicosia, 33% in Famagusta and 29% in Paphos.

EU Property Sales

Property sales to the overseas EU market, which accounted for 14% of all sales, fell 3% compared to January 2019. While sales in Larnaca and Limassol each rose by 75%, these increases were wiped out by falls of 36% in Nicosia, 33% in Famagusta and 29% in Paphos.

Paphos remained as the most popular place to buy property with the number of sales standing at 40. Paphos was followed by Limassol with 28 sales, Larnaca 21, Nicosia 9 and finally Famagusta with 6 sales.

Non-EU Sales

Property sales to the non-EU citizens, which accounted for 30% of all sales and twice the number of sales to EU nationals fell 12% compared to January 2019. Although sales rose by 183% in Famagusta and 4% in Larnaca, they fell in the remaining three districts. Sales in Nicosia fell 50%, in Paphos they fell 28% and in Limassol by 22%. It’s noticeable that properties in the two districts where sales rose (Famagusta and Larnaca) are generally less expensive than the other coastal towns of Limassol and Paphos – and the capital, Nicosia.

The largest number of properties were sold in Paphos (73), followed by Limassol (54), Larnaca (50), Famagusta (34) and Nicosia (10). Now that the UK has ceased to be a member of the European Union, it seems likely that that February sales to non-EU nations will include UK citizens.

 

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