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Property Sales Improve In All Market Segments

Posted by admin on October 19, 2021
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All market segments saw an improved number of property sales in September compared to the same period last year according to figures published by the Department of Lands and Surveys.

Domestic sales

Property sales to the domestic market, which accounted for 63% of all sales in September rose by 9% compared to September 2021 and by 41% compared to September 2019.

With the exception of Famagusta, where sales were down 7% compared to last year, they rose in the remaining four districts.

Sales in Limassol rose 21%, followed by Larnaca (9%), Nicosia (3%) and Paphos (1%).

On an annual basis, sales have risen in all districts. Sales in Paphos (59%), Famagusta (54%), Limassol (47%) and Larnaca (34%).

Sales to the domestic market have been encouraged by the government’s interest rate subsidy scheme, which will continue until the end of 2021. The ceiling for loans for house purchases was raised from €300,000 to €400,000 in February and the scheme provides an interest rate subsidy of 1.5% for a period of four years.

However, bear in mind that the figures include an unreported number of ‘non-sale’ agreements such as loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers in efforts by the banks to reduce their non-performing loan portfolios.

Foreign sales

Property sales to the overseas market, which accounted for 37% of all sales in September, rose by 30% compared to September 2021 and by 19% compared to pre-COVID September 2019.

With the exception of Paphos, where sales were down 2%, they rose in the remaining four districts.

Sales in Larnaca rose 86%, followed by Limassol (38%), Famagusta (31%) and Nicosia (29%).

On an annual basis, although sales in Paphos were down 7% and sales in Famagusta remained almost unchanged, sales in Nicosia rose 63%, followed by Larnaca (29%) and Limassol (15%).

 

Sales to EU citizens

Sales to the EU segment of the overseas market, which accounted for 17% of all sales in September, rose by 30% compared to September 2021 and by 45% compared to pre-COVID September 2019.

Sales rose in all districts. In percentage terms, Famagusta led the way with sales up 267%, followed by Larnaca (86%), Nicosia (36%), Limassol (8%) and Paphos (2%).

On an annual basis, the number of properties sold to EU citizens has risen in all districts. Larnaca (81%), Nicosia (73%), Limassol (43%). Famagusta (31%) and Paphos (30%).

 

Sales to non-EU citizens

Sales to the non-EU segment of the overseas market, which accounted for 20% of all sales in September, rose by 30% compared to September 2021 and by 3% compared to pre-COVID September 2019.

Although sales in Famagusta and Paphos fell by 30% and 8%, they rose 86% in Larnaca, 66% in Limassol and 14% in Nicosia.

 

On an annual basis, sales in Paphos and Larnaca are down 37% and 22% respectively. However, sales in Nicosia have risen 49% and sales in Larnaca and Limassol have risen 10% and 2% respectively.

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