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28th January 2023
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HomeProperty SalesIs the property market cooling?

Is the property market cooling?

Official figures from the Department of Lands & Surveys indicate that the Cyprus real estate market may be cooling although the number of property sales in November was the highest since 2007.

During November a total of 1,293 property sales contracts were deposited at Land Registry offices across Cyprus compared with 1,149 in the same month last year; a rise of 13%.

However, the number of sales in Nicosia fell for the second consecutive month while sales in Famagusta and Larnaca also fell. But these falls were outweighed by increased sales in Limassol and Paphos, the areas most popular with foreign buyers.

In terms of the number of sales, Limassol lead the way with 465, followed by Paphos (317), Nicosia (242), Larnaca (196) and finally Famagusta with 73 sales.

Total Property Sale Transactions – 2021/2022 Comparison
Total Property Sale Transactions – 2021/2022 Comparison

In the first eleven months of 2022 a total of 12,074 contracts were deposited at Land Registry offices, a rise of 33% compared to the 9,063 deposited during the same period in 2021, with the number of sales at their highest level since 2008.

Sales in the capital (Nicosia) were slightly down compared to 2021 and sales Famagusta remained steady. However, double-digit increases in the number of sales in Paphos, Larnaca and Limassol districts are set to make 2022 the best year for the sector since 2008.

Total number of sale contracts deposited for years 2021 and 2022 by month
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 November, as measured by the number of sale contracts deposited at Land Registry offices, fell 6% compared to November 2021 with sales in Nicosia, Famagusta and Larnaca all recording falls.

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

Domestic Sale Transactions – 2021/2022 Comparison
Domestic Sale Transactions – 2021/2022 Comparison

Sales to the domestic market during the first eleven months of 2022 sales reached 6,791, a 15% increase on the 6,791 achieved during the same period last year.

Property sales to the overseas market

Sales to foreigners (non-Cypriots) were up 39% compared to November 2021 with sales rising in all districts with the exception of Nicosia and Famagusta, where they fell by 42% and 21% respectively.

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

Property sales to the overseas market
Property sales to the overseas market

Sales to overseas buyers during the first eleven months of 2022 reached 5,283; a 67% increase on the 3,169 achieved in the same period last year.

Property sales to EU nationals

Sales to EU nationals rose 13% compared to November 2021, despite the number of sales falling in Nicosia and Larnaca.

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

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

Foreign real estate sales to EU nationals during the first eleven months of 2022 reached 2,309; a 47% increase on the 1,571 achieved in the same period last year.

Property sales to non-EU nationals

Sales to non-EU Nationals rose by 68% compared to November 2021, although sales fell in Nicosia and Famagusta.

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

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

Overseas sales to non-EU nationals during the first eleven months of 2022 reached 2,975; an 86% increase on the 1,598 achieved in the same period last year.

 

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