In January 2024, the total number of property sales contract deposited at Land Registry offices across Cyprus reached 1,056; a fall of 3% compared to the 1,091 contracts deposited in January 2023, according to official sales statistics published by the Department of Lands and Surveys.
However, it’s only the fifth year in the last nineteen that property sales in January have exceeded 1,000.
Nicosia was the only district where the number of sales increased – up by 40% compared to January 2023 reaching 244 from 174.
Sales fell in the other four districts with sales down 30% in Famagusta, 16% in Paphos, 9% in Limassol, and 4% in Larnaca.
Market segment analysis
Property sales to the domestic (Cypriot) market
The total number of sales to the domestic (Cypriot) market January 2024 rose 21% compared to January 2023 and accounted for 57% of the total number of sales in the month.
Sales rose 39% in Limassol, 33% in Nicosia, and 19% in Larnaca. But they fell 20% in Paphos and 9% in Famagusta.
As the Cyprus Central Bank noted in its Residential Property Price Index for the third quarter of 2023, the increase in ECB’s base rates and the housing lending cost and the consequent reduction in mortgage loan demand do not appear to have affected domestic demand for real estate to a substantial extent, as it continues to register growth.
Property sales to the overseas market
The total number of property sales to the overseas market (both EU and non-EU citizens) in January 2024 fell 3% compared to January 2023, with sales falling in all districts with the exception of Nicosia, where they rose 40%, and Larnaca.
Sales in Famagusta fell 30%, 16% in Paphos, 9% in Limassol, and 4% in Larnaca.
Property sales to EU citizens
Sales to EU nationals fell 25% compared to January 2023 accounting for 11% of the total number of sales (1,056) achieved during the month.
Nicosia was the only district where sales increased; up 17% compared to January 2023.
Sales fell 63% in Famagusta, 29% in Larnaca, 26% in Limassol, and 25% in Paphos.
Property sales to non-EU citizens
Sales to non-EU citizens in January 2024 fell 23% compared to January 2023 and accounted for 32% of the total number of sales (1,056) achieved during the month.
With the exception of Nicosia, where sales rose by a staggering 189%, they fell in the remaining four districts.
Sales were down 45% in Limassol, 38% in Famagusta, 22% in Larnaca, and 11% in Paphos.
Overseas market preferences in 2024
An analysis of property sales to the overseas market in January 2024 reveals that foreign buyers prefer to buy in the coastal areas of the island.
Property sales in Paphos dominated by overseas buyers who accounted for 73% of total sales in the district. Paphos was followed by Larnaca (44%), Famagusta (48%), Limassol (40%) and finally Nicosia where overseas buyers accounted for 16% of sales in the district.
