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REAL ESTATE

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Property Sales Fall In February

Property Sales Fall In February

Property sales in Cyprus fell by 11 per cent in February 2020 compared to February 2019 and by 7 per cent in the first two months of the year according to official figures from the Department of Lands and Surveys, the Cyprus Property News reported.

 

A second disappointing month for the Cyprus property market saw sales falling by 11% in February compared with February 2019 with sales falling in all of the island’s five districts according to the Department of Lands & Surveys. Paphos was hardest hit with the number of sales contracts deposited at the District Lands Office dropping by 19%, while Limassol suffered a fall of 12%. Meanwhile, the number of contracts deposited in Nicosia, Larnaca and Famagusta fell by 8%, 6% and 2% respectively.

 

In the first two months of the year, Limassol remains the most popular with those buying property followed by Nicosia, Paphos, Larnaca and Famagusta. The only district to record a rise in sales during the first two months is Larnaca.

 

Domestic property sales

Property sales to the domestic market (which accounted for 54% of all sales in the month) fell by 10% compared to February 2019 with sales falling in all districts. Larnaca saw the biggest fall, down 22% compared to the same month last year. Sales in Limassol fell 11%, sales in Paphos fell 6% and sales in both Nicosia and Famagusta fell by 5%.
 


In the first two months of 2019, sales to the domestic market have fallen by 4%. Although sales in Paphos, Nicosia and Larnaca have risen by 38%, 14% and 3% respectively, falls of 45% in Famagusta and 26% in Limassol have more than wiped out the rises in the other three districts.

 

Overseas property sales

Property sales to the overseas market fell by 13% compared to February 2019 with sales falling in three of the island’s five districts. While sales in Larnaca rose by 26% and sales in Famagusta remained steady, they fell 23% in Nicosia, 21% in Paphos and 14% in Limassol.
 

In the first two months of 2019 sales to the overseas market have fallen 11% compared to the same period last year. Although sales in the coastal town of Famagusta and Larnaca, the lower priced areas of Cyprus for buying property, have risen by 38% and 21% respectively, sales in Nicosia are down 34%, sales in Paphos are down 24% and sales in Limassol are down 10%

 

Sales to EU citizens

Sales to EU citizens remained steady compared to February 2019 with sales rising in three of the island’s five districts. While property sales in Famagusta, Limassol and Larnaca rose by 133%, 20% and 8% respectively, they fell by 17% in Paphos and by 14% in Nicosia.

In the first two months of 2020 sales to EU citizens have fallen 1% compared to the same period last year. Although sales in Larnaca, Limassol and Famagusta have risen by 42%, 41% and 33% respectively, they have fallen by 25% in Nicosia and 22% in Paphos.

 

Sales to non-EU citizens

Sales to non-EU citizens fell 19% compared to February 2019 with sales falling in all districts with the exception of Larnaca where the rose 32%. Property sales in Famagusta fell 35%, while sales in Nicosia fell 31%. Meanwhile sales in Limassol and Paphos fell by 25% and 24% respectively.
 

In the first two months of 2020 sales to non-EU citizens have fallen 15% compared to the same period last year. Although sales in Famagusta and Larnaca have risen by 40% and 15% respectively, they’ve fallen 42% in Nicosia, 26% in Paphos and 24% in Limassol.

 

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