As we reported on Monday, the total number of property sales rose by 14% in February compared with the same month last year.
Further analyses published by the Department of Lands and Surveys earlier today reveal that sales to EU nationals, which have been struggling for several months, may be on the road to recovery.
Market segment analysis
Property sales to the domestic (Cypriot) market
The total number of sales to the domestic (Cypriot) market February 2024 reached 772, a rise of 18% compared to the 656 achieved in the same month last year accounting for 60% of the total number of sales in the month.
Although the number of sales in Famagusta and Limassol fell by 39% and 4% respectively compared to last year, these falls were outweighed by rises of 60% in Paphos, 48% in Nicosia and 11% in Larnaca.
In the first two months of this year sales to the domestic market rose by 19% compared to the same period last year. With the exception of Famagusta, which recorded a fall of 30%, sales in the remaining for districts have risen.
Property sales to the overseas market
The total number of property sales to the overseas market (both EU and non-EU citizens) in February 2024 rose 8% compared to February 2023, with sales rising in all districts with the exception of Limassol, where they fell 7%, and Paphos, where they fell 6%.
Sales in Famagusta, Nicosia, and Larnaca rose by 65%, 44%, and 34% respectively.
In the first two months of this year sales to the overseas market have fallen by 10% compared to the same period last year.
Property sales to EU citizens
Sales to EU nationals rose 26% compared to February 2023 accounting for 11% of the total number of sales (1,284) achieved during the month and may be on the road to recovery following disappointing results over the past few months.
Sales rose in all districts with Famagusta up 55%, Nicosia and Limassol up 42%, Larnaca up 16%, and Paphos up 14%.
In the first two months of this year sales to EU nationals have fallen by 3% compared to the same period last year.
Property sales to non-EU citizens
Sales to non-EU citizens in February 2024 rose 2% compared to February 2023 and accounted for 28% of the total number of sales (1,284) achieved during the month.
Surprisingly sales in Limassol and Paphos, the districts most popular with foreign buyers, fell by 14% and 13% respectively; possibly due to the higher prices in both districts. Famagusta and Larnaca, which are both less expensive, saw sales rise by 75% and 42% respectively, while sales in the Nicosia (the capital) rose 47%.
In the first two months of this year sales to non-EU nationals have fallen by 12% compared to the same period last year, with Limassol and Paphos reporting the largest falls.
