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December property sales disappointment

Following nineteen consecutive months of rising property sales in Cyprus, December 2018 sales saw a crash in their number according to official figures published by the Department of Lands and Surveys.During December a total of 800 contracts were deposited at Land Registry offices for the sale of commercial and residential properties and land compared with 1,537 in December 2017; a fall of 48 per cent.

However, this fall may not be as significant as it may first appear. In December 2017 there was a spike in sales of building land  following the decision by Parliament in November 2017 to introduce 19% VAT on land sales from 2nd January 2018.

Of those 800 contracts, 450 (43.8%) were for properties purchased by Cypriots and 350 (56.3%) were for properties purchased by non-Cypriots; 135 by EU citizens and 215 by third country nationals. Sales fell in all districts. In percentage terms, Famagusta saw sales fall by 73%, Nicosia fell 57%, while sales in Limassol fell 45%. Meanwhile Paphos and Larnaca saw sales falling by 43% and 34% respectively.

Read more at: http://www.news.cyprus-property-buyers.com/2019/01/07/december-property-sales-crash/id=00155154
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