Home Property News Limassol the most popular spot for overseas buyers

Limassol the most popular spot for overseas buyers

Limassol, arguably the most cosmopolitan and vibrant coastal city in Cyprus and its environs, has become the most popular destination for overseas buyers seeking a place in the sun according to the latest monthly figures published by the island’s Lands and Surveys department.

For many years Paphos, on the western coast of the island, has been the most favoured destination for overseas buyers, but official sales figures for October reveal it’s lost out to Limassol for the first time in many years. Whether Paphos will regain its popularity remains to be seen.

Property sales to the overseas buyers (non-Cypriot) rose by 12% in October compared to the same month last year. Although sales in Larnaca and Paphos fell by 34% and 6% respectively, these falls were more than outweighed increased sales in Nicosia (up 85%), Limassol (up 63%) and Famagusta (up 29%).

Sales to overseas buyers in October accounted for 34% of total sales during the month.

Total Overseas Property Sale Contracts – 2019/2020 Comparison

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2019 34 30 16 32 45 24 21 13 23 20 21 26
2020 19 23 15 9 17 11 21 14 21 37
Famagusta 2019 21 29 29 38 42 18 47 17 24 17 35 38
2020 40 29 25 4 20 13 31 30 29 22
Larnaca 2019 60 43 71 67 90 60 67 40 35 79 53 74
2020 71 54 50 11 31 38 59 36 42 52
Limassol 2019 85 104 95 137 217 81 109 62 64 84 86 72
2020 82 89 67 49 39 52 87 51 80 137
Paphos 2019 157 180 157 155 229 136 176 112 139 126 169 151
2020 113 142 55 51 89 83 87 68 88 118
Totals 2019 357 386 368 429 623 319 420 244 285 326 364 361
2020 325 337 212 124 196 197 269 199 260 366

During the first ten months of 2020 sales to the overseas market have declined 34% compared to the same period last year.

Sales to EU nationals

Sales to the EU segment of the overseas property market in October accounted for 11% of total sales – and the number of sales fell 13% compared to October 2019.

Although sales in Famagusta, Nicosia and Limassol rose by 120%, 60% and 10% respectively, they fell by 39% in Larnaca and by 35% in Paphos.

Foreign (EU) Property Sale Contracts – 2019/2020 Comparison

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2019 14 14 9 19 20 16 13 5 8 10 15 14
2020 9 12 9 3 10 7 16 11 14 16
Famagusta 2019 9 6 14 17 10 8 17 14 10 5 9 23
2020 6 14 10 3 4 9 28 9 6 11
Larnaca 2019 12 12 21 18 20 11 16 13 6 23 14 23
2020 21 13 11 0 3 6 19 17 14 14
Limassol 2019 16 25 20 21 28 26 27 17 25 30 26 25
2020 28 30 11 12 14 15 28 12 39 33
Paphos 2019 56 72 61 48 69 59 73 58 61 95 61 72
2020 40 60 25 24 21 18 44 32 49 42
Totals 2019 107 129 125 123 147 120 146 107 110 133 125 157
2020 104 129 66 42 52 55 135 81 122 116

During the first ten months of 2020 sales to the EU segment of the overseas property market have fallen 28% compared to the same period last year.

Sales to non-EU nationals

Sales to the non-EU segment of the property market in October accounted for 23% of total sales, with the number of sale contracts deposited at Land Registry offices up 30% compared to October 2019.

While sales in Larnaca and Famagusta fell be 32% and 8% respectively, they rose in the remailing three districts.

Sales in Nicosia rose 110%, sales in Limassol rose 93%, while sales in Paphos rose by 25%.

We suspect that the rise in the number of sales, particularly in Limassol and Paphos, may be due to non-EU citizens rushing to meet the citizenship deadline of 1st November.

Foreign (Non-EU) Property Sale Contracts – 2019/2020 Comparison

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2019 20 17 7 13 25 8 8 8 15 10 6 12
2020 10 11 6 6 7 4 5 3 7 21
Famagusta 2019 12 23 15 21 32 10 30 3 14 12 26 15
2020 34 15 15 1 16 4 3 21 23 11
Larnaca 2019 48 31 50 49 70 49 51 27 29 56 39 51
2020 50 41 39 11 28 32 40 19 28 38
Limassol 2019 69 79 75 116 189 55 82 45 39 54 60 47
2020 54 59 56 37 25 37 43 39 41 104
Paphos 2019 101 108 96 107 160 77 103 54 78 61 108 79
2020 73 82 30 27 68 65 43 36 39 76
Totals 2019 250 257 243 306 476 199 274 137 175 193 239 204
2020 221 208 146 82 144 142 134 118 138 250

During the first nine months of 2020 sales to the non-EU segment of the overseas market have fallen 42% compared to the same period last year.

Property sales to the domestic (Cypriot) market

Domestic sales performed strongly in October, increasing by 43% compared to the same month last year, with sales rising in all districts of the island.

Sales in Limassol rose by 84% and sales in Famagusta rose 76%. Meanwhile sales in Paphos, Larnaca and Nicosia rose by 27%, 25% and 17% respectively.

Domestic Property Sale Contracts – 2019/2020 Comparison

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2019 127 164 115 137 168 121 153 90 114 163 187 154
2020 178 155 124 29 83 167 230 143 174 190
Famagusta 2019 32 19 16 58 45 25 2 13 16 33 13 26
2020 10 18 16 6 8 43 29 9 30 58
Larnaca 2019 54 82 47 73 83 42 90 53 67 81 69 88
2020 76 64 56 13 28 71 72 51 75 101
Limassol 2019 166 152 192 291 329 138 177 134 176 144 210 212
2020 98 136 76 23 73 150 183 142 173 265
Paphos 2019 30 31 28 69 175 69 54 54 34 66 64 69
2020 55 29 26 21 31 18 42 17 74 84
Totals 2019 409 448 398 628 800 395 476 344 407 487 543 549
2020 417 402 298 92 223 449 556 362 526 698

During the first ten months of 2020 the number of sales to the domestic market has fallen by 16% compared to the same period last year.

Analysis of property sales since 2000

Cyprus Property Sale Contracts 2000 – 2020

Year Overseas Sales Domestic Sales Percentage
Overseas Sales
Total
Sales
2000 450 12,214 3.6% 12,664
2001 1,207 12,849 8.6% 14,056
2002 2,548 14,111 15.3% 16,659
2003 3,981 15,294 20.7% 19,275
2004 5,384 11,947 31.1% 17,331
2005 6,485 10,106 39.1% 16,591
2006 8,355 8,598 49.3% 16,953
2007 11,281 9,964 53.1% 21,245
2008 6,636 8,031 45.2% 14,667
2009 1,761 6,409 21.6% 8,170
2010 2,030 6,568 23.6% 8,598
2011 1,652 5,366 23.5% 7,018
2012 1,476 4,793 23.5% 6,269
2013 1,017 2,750 27.0% 3,767
2014 1,193 3,334 26.4% 4,527
2015 1,349 3,603 27.2% 4,952
2016
1,813 5,250 25.7% 7,063
2017
2,406 6,328 27.5% 8,734
20181 4,367 4,875 47.3% 9,242
2019
4,482 5,884 43.2% 10,366
2020 (Oct)
2,485 4,023 38.2% 6,508
Totals
72,358 162,297 30.8% 234,655

1 The Department of Lands & Surveys has advised that overseas sales in 2018 and subsequent year should not be compared to sales in previous years due to changes in the methodology used to classify ‘Aliens’ (foreigners).

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