Foreign sales hit 16 year high

Foreign sales hit 16 year high

Foreign sales hit 16 year high

During January 2023 foreign buyers deposited 594 contracts of sale at Land Registry offices across the island. Moreover, these accounted for 54% of all sales; the first time since 2007 that the number of foreign sales has exceeded domestic sales.

Foreign nationals from EU member states deposited 150 sales contracts in January; a fall of 32% compared to the 221 contracts deposited in January 2022.

Contracts deposited by foreigners from non-EU countries (third country nationals) in January rose a starting 148% reaching 444 compared to 179 in January 2022.

Cypriot citizens deposited a total of 497 contracts in January compared to 455 in January 2022; an increase of 9% and the highest figure recorded since January 2012.

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

The freeze that protected defaulted borrowers with primary residences valued at €350,000 or less, businesses with a turnover under €750,000 and land with a value of €100,000 or less from repossession ended on 31st January. As a consequence, we can expect an increase in ‘non-sale’ agreements in the coming months.

source:  Foreign sales hit 16 year high - Cyprus Property News ( 

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