Fewer overseas buyers purchased Cypriot properties last month

The number of overseas investors purchasing a property in Cyprus in June 2019 was down on the number purchasing in the same month a year earlier, new figures show.

The latest data from the Cypriot Department of Lands & Surveys, shows that the number of homes in Cyprus bought by non- Cypriots during June 2019 fell by 17 per cent on the same month of 2018. Overall, 319 contracts of sale were deposited compared with 385 in June 2018. Of these, 120 purchasers were EU citizens while the remaining 199 were non-EU citizens.

This means that property sales to EU nationals fell 5 per cent in June compared with June 2018, while sales to non-EU citizens s fell 17 per cent in the same period.

Sales to the domestic market also fell by 16 per cent in June compared to June 2018. With the exception of Paphos, where the number of sales rose by 25 per cent, they fell in the other four districts.

While sales to overseas buyers in Paphos and Nicosia rose by 9 per cent and 4 per cent respectively, they fell in the remaining three districts. Sales in Famagusta fell 47 per cent, while sales in Limassol and Larnaca fell by 38 per cent and 17 per cent respectively.

However, during the first half of 2019, sales to the overseas rose by 13 per cent compared with the same period last year. The latest figures show that 2,482 properties in Cyprus have been bought by overseas buyers so far this year. Just over 44 per cent of all homes sold on the island in the first six months of the year were snapped up by overseas buyers.

Article published 10th July 2019