The latest sales figures from the Department of Lands and Surveys show that overseas buyers account for nearly three quarters of total property sales in Paphos up to the end of October.
Market segment analysis
Property sales to the overseas market
The total number of property sales to the overseas market (both EU and non-EU citizens) in October rose 9% compared October 2022.
Sales rose in all districts with the exception of Limassol, where they fell by 15%.
Paphos recorded the greatest number of sales (186), followed by Limassol (164), Larnaca (121), Nicosia (44), and finally Famagusta (35).
Overseas real estate sales during the first ten months of 2023 reached 5,839; a 26% increase on the 4,640 achieved in the same period last year.
Property sales to non-EU citizens
Sales to non-EU citizens rose 20% compared to October 2022 accounting for 32% of the total number of sales achieved during the month.
With the exception of Nicosia, where October sales fell by 16% compared to the same month last year, they rose by 63% in Famagusta, 31% in Larnaca, 18% in Paphos, and 14% in Limassol.
Limassol recorded the highest number of sales, followed by Paphos, Larnaca, Famagusta, and Nicosia.
Sales to non-EU nationals during the first ten months of 2023 reached 4,199; a 62% increase on the 2,597 achieved in the first ten months of 2022.
Property sales to EU citizens
Sales to EU nationals continued their downward trend, falling by 11% compared to October 2022. The only two districts to buck the trend were Nicosia, where sales rose by 47%, and Limassol, where sales rose by 16%.
Sales in Paphos fell by 29%, while sales in Famagusta and Larnaca by 10%, and 22% respectively.
Sales to EU nationals during the first ten months of 2023 reached 1,640; a fall of 20% compared to the 2,043 achieved in the same period last year.
Overseas market preferences
An analysis of property sales to the overseas market over the first ten months of 2023 reveals that foreign buyers prefer to buy in the coastal areas of the island.
Paphos is by far the most popular destination, with overseas sales accounting for 71% of total sales in the district. Paphos is followed by Larnaca (47%), Limassol (46%), Famagusta (40%) and finally Nicosia with overseas buyers accounting for just 16% of sales in the district.
Property sales to the domestic market
Real estate sales to the domestic market in October rose 14% compared with October 2022 but with Limassol reporting a fall of 11%.
Nicosia recorded the greatest number of sales (248) followed by Limassol (219), Larnaca (143), Paphos (89), and Famagusta (57).
Sales to the domestic market during the first ten months of 2023 reached 6,986; an increase of 14% on the 6,141 achieved during the same period last year.