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28th November 2022
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HomeProperty Sales36 per cent rise in property sales (update)

36 per cent rise in property sales (update)

The Department of Lands & Surveys reports that 1,171 property sales contracts were deposited at Land Registry offices across Cyprus in October compared with 911 in the same month last year; a rise of 29 per cent.

Although the number of property sales fell in Nicosia compared to October last year, the rose in the other four districts. In terms of the number of sales, Limassol lead the way with 388, followed by Paphos (269), Larnaca (242), Nicosia (221) and finally Famagusta with 51 sales.

Cyprus Property sales October 2022
Total Property Sale Transactions – 2021/2022 Comparison

In the first ten months of 2022 a total of 10,781 contracts were deposited at Land Registry offices, a rise of 36 per cent compared to the 7,914 deposited during the same period in 2021, with the number of sales the highest achieved since 2008 once again.

While sales in the capital (Nicosia) and Famagusta have seen a small rise this year, sales have been steaming ahead in the Paphos, Larnaca and Limassol districts where foreign (non-Cypriot) buyers tend to buy property.

Contracts 2021 - 2022 comparison
Total number of sale contracts deposited for years 2021 and 2022 by month

Market segment analyses

Property sales to the domestic market

Domestic real estate sales in October, as measured by the number of sale contracts deposited at Land Registry offices, rose 23% compared to October 2021 but with the districts of Nicosia and Famagusta both reporting a drop in sales.

Limassol saw the greatest number of sales followed by Nicosia, Larnaca, Paphos and Famagusta.

Domestic Sale Transactions – 2021/2022 Comparison

Sales to the domestic market during the first nine months of 2022 sales reached 6,141, an 18% increase on the 5,206 achieved during the same period last year.

Property sales to the overseas market

Sales to foreigners (non-Cypriots) were up 37% compared to October 2021 with sales rising in all districts with the exception of Limassol, where they fell by 2%.

Paphos achieved the greatest number of sales, followed by Limassol, Larnaca, Nicosia and Famagusta.

Total Overseas Sale Transactions – 2021/2022 Comparison

Foreign real estate sales during the first nine months of 2022 reached 4,640; a 71% increase on the 2,708 achieved in the same period last year.

Property sales to EU nationals

Sales to EU nationals declined 6% compared to October 2021, with sales falling in both Limassol and Famagusta.

Paphos achieved the greatest number of sales, followed by Larnaca, Limassol, Nicosia and Famagusta.

Overseas (EU) Sale Transactions – 2021/2022 Comparison

Foreign real estate sales to EU nationals during the first nine months of 2022 reached 2,043; a 53% increase on the 1,335 achieved in the same period last year.

Property sales to non-EU nationals

Sales to non-EU Nationals rose by 85% compared to October 2021, with sales increasing in all districts.

Limassol recorded the highest number of sales, followed by Paphos, Larnaca, Nicosia and Famagusta.

Overseas (non-EU) Sale Transactions – 2021/2022 Comparison

Overseas sales to non-EU nationals during the first nine months of 2022 reached 2,597; an 89% increase on the 1,373 achieved in the same period last year.

Cyprus real estate contracts deposited between 2000 and 2021

 

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