Cyprus: Foreign property sales slip as local buyers pounce

Photo: Martha de Jong-Lantink

Foreign sales of Cypriot property slipped by 54 per cent in February 2016, but local buyers pounced, with domestic sales surging.

Foreign sales of Cypriot property slipped by 54 per cent in February 2016, according to new figures from the Department of Lands and Surveys.

International transactions have fallen 46 per cent in the first two months of 2016 compared to the first two months of 2015. Cyprus Property News attributes the dip in interest to the Brexit debate currently unfolding in the UK, with the uncertainty surrounding Britain’s membership of the EU causing the pound’s value to fall against the euro, making property overseas slightly more expensive. Indeed, property prices are “still well above” European rivals such as Spain and France, notes the site.

At the same time, Britons may be adopting a wait-and-see attitude until the result of the vote has become clear.

If overseas appeal waned slightly last month, though, local interest is on the up, with local property sales surging 119 per cent year-on-year, thanks to a combination of growing economic and consumer confidence and lowering lending rates.

Foreign Cyprus property sales up almost 50pc

14th December 2015

Sales of Cypriot property to foreigners have risen by almost 50 per cent in the last year.

New figures from the Department of Lands Surveys show the total number of sales on the island in November 2015 was 21 per cent up year-on-year, with 446 contracts deposited with the Land Registry compared to 370 in the same month a year earlier.

The majority of these (69 per cent) were by domestic buyers, with almost one-third deposited by overseas buyers (31 per cent).

All districts of Cyprus saw sales climb – with the exception of Nicosia, where sales dipped 18 per cent. Famagusta led the rise with increase 65 per cent, followed by Larnaca (35 per cent), Limassol (33 per cent) and Paphos (14 per cent).

Domestic sales overall rose 11 per cent, but sales to overseas buyers surged by a much stronger 48 per cent year-on-year.

Famagusta, here, was the one region to see sales fall (by 36 per cent), with Limassol instead leading the way with sales up 189 per cent annually. Nicosa saw sales climb 43 per cent, followed by Paphos (31 per cent) and Larnaca (11 per cent).

The positive trend occurs just as the island enjoys a rise in popularity among buyers on TheMoveChannel.com. In November 2015, Cypriot property received its highest number of enquiries in 34 months, re-entering the portal’s Top 10 countries for the first time in eight months.

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