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7th November 2024
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Cyprus property sales show signs of cooling

Although the number of Cyprus property sales continued to rise in November, there are signs that the market is cooling.

Sales in November, as measured by the number of contracts deposited at Land Registry offices, rose 7 per cent compared to November 2022 according to official figures from the Department of Lands and Surveys. But while sales in Larnaca rose 57%, which has been reported as a result of strong interest by Israelis, sales in both Limassol and Paphos have fallen by 8% and 6% respectively compared to November last year.

However, despite the slowdown, it is certain that 2023 will be the best year for property sales since 2008.

Total Property Sales Transactions
Total Property Sale Transactions – 2022/2023 Comparison

Year to date property sales

Sales during the first eleven months of 2023 sales reached 14,211 an increase of 18% compared to the 12,704 achieved in same period last year with sales rising in all districts.

Property sales 2022 - 2023 comparison
Property sales 2022 – 2023 comparison

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 November fell 16% compared to November 2022.

Although sales in Nicosia and Larnaca rose by 38% and 6% respectively, these were wiped out by falls of 29% in Famagusta, 26% in Limassol and 22% in Paphos.

Foreign sales
Property sales to the overseas market – 2022/2023 Comparison

Sales to the overseas market during the first eleven months of 2023 reached 6,377; a 21% rise on the 5,283 achieved in the same period last year.

Property sales to non-EU citizens

Sales to non-EU citizens rose 3% compared to November 2022 and accounted for 32% of the total number of sales (1,386) achieved during the month.

Although sales in Limassol and Larnaca fell by 4% and 1% respectively, these falls were outweighed by increased sales of 80% in Famagusta, 10% in Paphos and 8% in Nicosia.

Sales to non-EU citizens
Overseas (non-EU) Sale Transactions – 2022/2023 Comparison

Sales to non-EU nationals during the first eleven months of 2023 reached 4,588; a 54% increase on the 2,974 achieved in the same period last year.

Property sales to EU citizens

Sales to EU nationals slumped 44% compared to November 2022. The only two districts to buck the trend were Nicosia, where sales rose by 64%, and Larnaca, where sales rose by 27%.

Sales to EU citizens
Overseas (EU) Sale Transactions – 2022/2023 Comparison

Sales to EU nationals during the first eleven months of 2023 reached 1,789; a fall of 23% compared to the 2,309 achieved in the same period last year.

Overseas market preferences

An analysis of property sales to the overseas market over the first eleven 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 70% of total sales in the district. Paphos is followed by Limassol and Larnaca (47%), Famagusta (39%) and finally Nicosia with overseas buyers accounting for just 14% of sales in the district.

Overseas market location preferences

Property sales to the domestic market

Real estate sales to the domestic market continued to perform strongly in November, with sales rising by 30% compared to November 2022, with sales rising in all districts with Larnaca, in particular, recording a massive 124% increase in sales.

Domestic Property Sales Transactions – 2022/2023 Comparison
Domestic Sale Transactions – 2022/2023 Comparison

Sales to the domestic market during the first eleven months of 2023 reached 7,834; an increase of 15% on the 6,791 achieved during the same period last year.

Total Number of Sale Contracts Deposited 2000 to 2023

 

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