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25th February 2024
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HomeSalesCyprus property sales fell 3% in January

Cyprus property sales fell 3% in January

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.