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26th February 2024
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HomeSalesSales to non-EU citizens doubles

Sales to non-EU citizens doubles

Property sales to non-EU citizens more than doubled in the first two months of 2023 compared to the same period in 2022 according to official figures from the Department of Lands and Surveys.

Speaking at the opening of the 5th Property Show, last Friday evening in Nicosia, head of the Department Elikkos Elia noted that non-EU citizens from Russia and the UK were the two largest groups of foreign nationals buying property on the island.

However, the sales figures for EU citizens went in the opposite directing with numbers falling in the first two months.

As we reported earlier, the total number of property sales in February (as measured by the number of contracts deposited at Land Registry offices) reached 1,131; an 8% increase in the number deposited in February 2022 and the highest number on record since 2008.

Market segment analysis

Property sales to the domestic market

Real estate sales to the domestic market in February rose 3% compared to February 2022 but with Nicosia and Limassol reporting falls of 20% and 6% respectively.

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