Cyprus Property News 7 October 2023
The latest sales figures from the Department of Lands and Surveys shows that non-EU nationals are driving the property market, with foreign buyers accounting for 45% of sales in September; up from 30% in August.
Market segment analysis
Property sales to non-EU citizens
Sales to non-EU Nationals rose 34% compared to August 2022 and accounted for 30% of the total number of sales achieved during the month.
With the exception of Limassol, where September sales fell by 2% compared to the same month last year, they rose by 54% in Paphos, 38% in Famagusta, 25% in Nicosia and 21% in Larnaca.
Paphos recorded the highest number of sales, followed by Limassol, Larnaca, Nicosia and Famagusta.
Sales to non-EU nationals during the first nine months of 2023 reached 3,813; a 68% increase on the 2,275 achieved in the first nine months of 2022.
Property sales to EU citizens
Sales to EU nationals continued their downward trend, falling by 13% compared to September 2022. Limassol, where sales rose by 34%, was the only district to buck the trend.
Sales in Larnaca remained steady, while sales in Famagusta, Paphos and Nicosia fell by 45%, 30% and 12% respectively.
Sales to EU nationals during the first nine months of 2023 reached 1,476; a fall of 21% compared to the 1,859 achieved in the same period last year.
Total property sales to the overseas market
Sales to foreigners (both EU and non-EU citizens) in September rose 9% compared September 2022, despite the 13% fall in sales to EU citizens.
Sales rose in all districts with the exception of Famagusta, where they fell by 23%.
Paphos recorded the greatest number of sales (203), followed by Limassol (192), Larnaca (139), Nicosia (47), and finally Famagusta (47).
Foreign real estate sales during the first nine months of 2023 reached 5,289; a 28% increase on the 4,134 achieved in the same period last year.
Overseas market preferences
An analysis of property sales to the overseas market over the first nine months of 2023 reveals that foreign buyers prefer to buy in the coastal areas of the island:
- Paphos is the most popular area where overseas buyers accounted for 71% of all sales with EU and non-EU nationals making up 21% and 50% the total.
- Larnaca is in second place where overseas buyers accounted for 48% of all sales with EU and non-EU nationals making up 12% and 36% of the total.
- Limassol is the third most preferred location where overseas buyers accounted for 46% of all sales with EU and non-EU nationals making up 10% and 36% of the total.
- Famagusta is in fourth place where overseas buyers accounted for 41% of all sales with EU and non-EU nationals making up 16% and 25% of the total.
- Nicosia, the island’s capital city in the centre of the island, accounted for just 15% of all sales to the overseas market with EU and non-EU nationals making up 7% and 8% of the total.
Property sales to the domestic market
Real estate sales to the domestic market in September rose 22% compared with September 2022 but with Famagusta reporting a fall of 15%.
Nicosia recorded the greatest number of sales (228) followed by Limassol (218), Larnaca (159), Paphos (85), and Famagusta (41).
Sales to the domestic market during the first nine months of 2023 reached 6,230; an increase of 14% on the 5476 achieved during the same period last year.
