Revised Real Estate Statistics - Cyprus Property Sales

Cyprus Property Sales The Lands Office has recently updated its statistics for property sales in Cyprus. It appears that things are improving be it very slowly. The year 2010 statistics have shown for the same period (Jan-May) an increase of 22% from the rock bottom year of 2009. Any increase is most welcomed of course.

What is important however to note is the foreign market demand, which shows a slight increase of 7%, but it is important to note the pending situation during the summer season, which is just starting.

	Locals		Foreigners		Total
	2009	2010	2009	2010	2009	2010
January	327	474	131	94	458	570
February	398	558	160	146	558	704
March	475	623	105	169	580	792
April	481	476	122	127	603	603
May	511	649	128	154	639	803
	2192	2780	646	690	2838	3472
	+27%		+7%		+22%

In terms of all town analysis, we provide the following table.

	Nicosia			Famagusta
	Locals	Foreigners	Total	Locals	Foreigners	Total
January	151	18	169	34	12	46
February	157	26	183	43	32	75
March	229	34	263	63	20	83
April	144	18	162	63	8	71
May	223	21	244	67	14	81
		117	1021		86	356
		11.40%			24%

	Limassol			Paphos
	Locals	Foreigners	Total	Locals	Foreigners	Total
January	129	22	151	85	28	113
February	131	34	165	86	34	120
March	171	35	206	53	65	118
April	95	31	126	77	45	122
May	158	35	193	105	50	155
		157	841		222	628
		19%			35%

From the above tables it is evident that Pafos remains the foreign people favorite place in terms of numbers (222 as opposed to the second favorite Limassol with 157), whereas the Paphos real estate market has a very large percentage (35%) of the total sales (followed by the Famagusta region with 24%). Bearing in mind that out of the foreign buyers the vast majority are British (including a percentage of Irish) and bearing also in mind the economic situation of U.K. with its increased capital gains tax, V.A.T. etc, it might have a negative affect on the spending power of that category of people, who buy abroad. Without having any sort of statistical information, we suspect that a large percentage of the above sales (other than Nicosia) around 20%-30% must refer to resales, which are the properties offered with the best deals. It would have been interesting to know what the resale number is, since we will then known what the actual new sales are, because it is these that will help the economy more.

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