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Cyprus Residential Property Sales to Foreign Investors Fall

Sales of Cyprus residential property to overseas property investors fell in October, according to the latest figures released by the Department of Lands & Surveys.

There was an overall reduction in Cyprus residential property sales to overseas buyers in October, with sales to EU citizens falling by 9 per cent, while sales to non-EU citizens fell by 25 per cent.

October saw a total of 813 contracts for the sale of residential property deposited at Land Registry offices. Of this total, 487 (60 per cent) were deposited by domestic (Cypriot) purchasers and the remaining 327 (40 per cent) by foreign buyers of whom 133 were EU nationals and 193 non-EU nationals.

In contrast, Cyprus residential property sales to Cypriot purchasers rose by 19 per cent in October compared to the same month last year. Except for Limassol and Famagusta, where sales fell 18 per cent and 8 per cent respectively.

They rose in the remaining three districts. Sales in Paphos rose 175 per cent, while the number of sales in Larnaca and Nicosia rose by 76 per cent and 29 per cent respectively.

During the first ten months of 2019, local sales have risen 22 per cent compared to the same period last year.

Total Cyprus residential property sales to the overseas (non-Cypriot) market during October fell 19 per cent compared to October 2018.

Although sales in Larnaca and Nicosia rose by 13 per cent and 5 per cent respectively, they fell in the remaining three districts. Sales in Paphos fell by 30 per cent, sales in Limassol fell by 26 per cent, while sales in Famagusta fell by 19 per cent.

During the first ten months of 2019, overseas sales have risen 5 per cent compared to the same period last year.

Cyprus residential property sales to EU nationals fell 9 per cent in October compared to October 2018. Although sales in Larnaca, Nicosia and Limassol rose by 77 per cent, 25 per cent and 11 per cent respectively, they fell in both Paphos and Famagusta by 29 per cent. During the first ten months of 2019, sales to EU nationals have risen 8 per cent compared to the same period last year.

Cyprus residential property sales to non-EU nationals continued on their downward path, falling by 25 per cent in October compared to October 2018. (There has been a steady decline in sales since May following the introduction of more stringent criteria for non-EU nationals seeking a Cypriot passport and citizenship.)

Sales fell in all districts. Limassol was hardest hit with sales falling 30 per cent, followed by Paphos, where they fell 31 per cent, while sales in Famagusta, Nicosia and Larnaca fell 14 per cent, 9 per cent and 2 per cent respectively.

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