{"id":2507014,"date":"2020-02-05T11:33:11","date_gmt":"2020-02-05T09:33:11","guid":{"rendered":"https:\/\/buyhome.com\/?p=2507014"},"modified":"2020-02-05T11:35:46","modified_gmt":"2020-02-05T09:35:46","slug":"rise-in-property-sales-attributed-to-local-eu-buyers","status":"publish","type":"post","link":"https:\/\/buyhome.com\/rise-in-property-sales-attributed-to-local-eu-buyers\/","title":{"rendered":"Rise in property sales attributed to local & EU buyers"},"content":{"rendered":"\n

The 12\npercent year-on-year increase in the number of property sales in Cyprus during\n2019 was attributable to Cypriots and EU citizens, while the number of sales to\nnon-EU citizens remained stable.<\/p>\n\n\n\n

FIGURES released by the\u00a0Department of Lands & Surveys\u00a0earlier today show that the 12% year-on-year\u00a0rise in Cyprus property sales\u00a0can be attributed almost solely to the domestic (Cypriot) and the overseas EU market.<\/strong><\/p>\n\n\n\n

Domestic sales<\/strong><\/h2>\n\n\n\n

Property sales to the domestic market, which\naccounted for 57% of all sales, rose 21% on an annual basis, with increased\nnumbers recorded in all districts.<\/p>\n\n\n\n

In percentage terms, Paphos led the way with\nsales up 55% on an annual basis, followed by Larnaca, where sales increased by\n26%. Meanwhile, sales in Nicosia rose by 23% and sales in Famagusta and\nLimassol rose by 18% and 10% respectively.<\/p>\n\n\n\n

But Limassol recorded the highest number of\nsales (2,321) followed by Nicosia (1,693), Larnaca (829), Paphos (743) and\nfinally Famagusta (298).<\/p>\n\n\n\n

Domestic Property Sale Contracts \u2013 2018\/2019 Comparison<\/em><\/p>\n\n\n\n

\"\"

(Note that some of these domestic sales may have resulted from properties acquired by banks as part of loan restructuring agreements, etc.) <\/em><\/figcaption><\/figure><\/div>\n\n\n\n

EU sales<\/strong><\/h2>\n\n\n\n

Property sales to the overseas EU market, which\naccounted for 15% of all sales, rose 7% on an annual basis. Increased numbers\nwere recorded in all districts with the exception of Famagusta, where sales\nfell 6% and Paphos, where they remained steady.<\/p>\n\n\n\n

In percentage terms, Nicosia (the capital) led\nthe way with year-on-year sales up 43%, followed by Larnaca (+29%) and Limassol\n(+7%).<\/p>\n\n\n\n

But Paphos\nrecorded the highest number of sales (755) followed by Limassol (286), Larnaca\n(189), Nicosia (157) and finally Famagusta (142).<\/p>\n\n\n\n

Foreign (EU) Property Sale Contracts \u2013 2018\/2019 Comparison<\/em><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

However, sales to EU nationals during the final 7 months of 2019 rose a mere 1%; probably as a result of the introduction of more stringent criteria for foreigners seeking a Cypriot passport and citizenship under the government\u2019s \u201cCyprus Investment Programme\u201c.<\/p>\n\n\n\n

(In December,\u00a0Reuters reported\u00a0that a number of UK Conservative donors had\u00a0\u201cquietly took steps to stay inside the European Union\u201d<\/em>. They included billionaire Alan Howard, one of Britain\u2019s best-known hedge fund managers, and Jeremy Isaacs CBE, the former head of Lehman Brothers for Europe, the Middle East and Asia.)<\/p>\n\n\n\n

Non-EU sales<\/strong><\/h2>\n\n\n\n

Property sales to the non-EU citizens, which\naccounted for 28% of all sales during 2019, rose by just 0.48% on an annual\nbasis. Although sales in Limassol and Paphos, recorded falls of 12% and 9%\nrespectively, sales rose in the remaining 3 districts.<\/p>\n\n\n\n

Sales in Nicosia rose 23%, while sales in\nPaphos and Larnaca rose 12% and 1% respectively.<\/p>\n\n\n\n

Paphos recorded the largest number of sales\n(1,132), followed by Limassol (910). Meanwhile, the number of sales in Larnaca,\nFamagusta and Nicosia were 550, 213 and 148 respectively.<\/p>\n\n\n\n

Foreign (Non-EU) Property Sale Contracts \u2013 2018\/2019 Comparison<\/em><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

However,\nsales to non-EU nationals during the final 7 months of 2019 fell by 15%;\nprobably as a result of the introduction of more stringent criteria for\nforeigners seeking a Cypriot passport and citizenship under the government\u2019s\n\u201cCyprus Investment Programme\u201d.<\/p>\n\n\n\n

Over this 7-month period, sales declined in all\ndistricts with the exception of Paphos where 560 properties were sold compared\nwith 559 in the same period of 2018; an increase of just 0.18%.<\/p>\n\n\n\n

Cyprus property sales 2000-2019<\/strong><\/h2>\n\n\n\n
\"\"<\/figure><\/div>\n\n\n\n

The Department of Lands & Surveys has advised that overseas sales in 2018 and subsequent years should not be compared to sales in previous years due to changes in the methodology used to classify \u2018Aliens\u2019 (foreigners).<\/p>\n\n\n\n

Read more at:\u00a0<\/em>
https:\/\/www.news.cyprus-property-buyers.com\/2020\/01\/10\/rise-in-property-sales-attributed-local-eu-buyers\/id=00157556<\/em><\/a>
Copyright \u00a9 Cyprus Property News<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The 12 percent year-on-year increase in the number of property sales in Cyprus during 2019 was attributable to Cypriots and EU citizens, while the number of sales to non-EU citizens remained stable. FIGURES released by the\u00a0Department of Lands & Surveys\u00a0earlier today show that the 12% year-on-year\u00a0rise in Cyprus property sales\u00a0can be attributed almost solely to… Read more »<\/a><\/p>\n","protected":false},"author":20,"featured_media":2507037,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[8],"tags":[],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\n\n\t\n