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25th February 2024
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HomeSalesProperty sales to foreigners continue to stumble

Property sales to foreigners continue to stumble

Property sales to the overseas market, as measured by the number of sales contracts deposited at Land Registry offices, continued to stumble in December falling 19% compared to December 2022 according to official statistics from the Department of Lands and Surveys.

The only market segment that recorded an increase in sales in December was the domestic (Cypriot) market.

Market segment analysis

Property sales to the domestic market

The total number of sales to the domestic (Cypriot) market December 2023 rose 21% compared to December 2022 and accounted for 56% of the total number of sales in the month.

With the exception of Limassol (where sales fell by 5%) sales in Nicosia, Larnaca, Paphos, and Famagusta rose by 46%, 32%, 24% and 11% respectively.