During August, one third of all property sales in Cyprus (as assessed by the number of contracts deposited at Land Registry offices) were purchased by non-EU citizens, according to official statistics published by the Department of Lands and Surveys.
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.
Although sales in Limassol fell by 15%, they rose in the remaining four districts.
Paphos recorded the highest number of sales, followed by Larnaca, Limassol, Famagusta, and Nicosia.
Sales to non-EU nationals during the first eight months of 2023 reached 3,385, a 76% increase on the 1,921 achieved in the same period last year.
Property sales to EU citizens
Sales to EU nationals continued to fall, dropping 16% compared to August 2022, with sales falling in all districts with the exception of Larnaca and Nicosia, where they rose by 35% and 22% respectively.
Paphos achieved the greatest number of sales, followed by Limassol, Larnaca, Famagusta, and Nicosia.
Sales to EU nationals during the first eight months of 2023 reached 1,300; a fall of 22% compared to the 1,657 achieved in the first eight months of 2022.
Total property sales to the overseas market
Sales to foreigners (both EU and non-EU citizens) were up 34% compared to August 2022, despite the 16% fall in sales to EU citizens.
Sales rose in all districts with the exception of Limassol, where they fell by 15%.
Paphos recorded the greatest number of sales, followed by Larnaca, Limassol, Famagusta, and Nicosia.
Foreign real estate sales during the first eight months of 2023 reached 4,685; a 31% increase on the 3,578 achieved in the same period last year.
Property sales to the domestic market
Real estate sales to the domestic market in August rose 19% compared with August 2022 but with Limassol reporting a fall of 4%.
Despite its fall, Limassol recorded the greatest number of sales followed by Nicosia, Larnaca, Paphos and Famagusta.
Sales to the domestic market during the first eight months of 2023 stood at 5,498; an increase of 13% on the 4,875 achieved during the same period last year.
