Cyprus property sales fell in May, with the total number of sales contracts deposited at Land Registry offices across Cyprus dropping by 17% compared with the corresponding month in 2023, according to official figures from the Department of Lands & Surveys.
As well as residential properties, the figures from the Department of Lands and Surveys include commercial property, retail premises, offices, warehouses, and land. Regrettably, the Department doesn’t provide a more detailed analysis.
Sales fell in all districts, with Paphos reporting the sharpest drop of 30% followed by Limassol (20%), Famagusta (18%), Larnaca (8%), and Nicosia (7%).
Sales in the first five months of 2024 fell 1% compared with the same period last year. While property sales in Nicosia and Larnaca rose 28% and 9% respectively, sales in Paphos fell 15%, Limassol sales were down 10%, and sales in Famagusta were down 11%.
Property sales – market segment analysis
Sales to the domestic (Cypriot) market
The total number of sales to the domestic market in May 2024 declined 10% compared to the same period last year and accounted for 23% of the total number of sales in the month.
With the exception of Paphos (where sales rose by 3%) sales in Famagusta, Larnaca, Nicosia, and Limassol fell by 42%, 13%, 12% and 6% respectively.
Sales to the domestic market in the first five months of 2024 reached 3,781; an increase of 12% on the 3,370 achieved in the same period of last year. With the exception of Famagusta, all districts recorded gains.
Property sales to the overseas market
The total number of property sales to the overseas market (both EU and non-EU citizens) in May 2024 fell 28% compared to the same month last year.
Increased sales in Famagusta and Nicosia were wiped out by falls of 41% in Paphos, 38% in Limassol, and 3% in Larnaca. (In terms of the number of properties sold to overseas buyers, Limassol was the most popular achieving 153 ales.)
On an annual basis, sales to the overseas market fell by 10%. Increased sales in Nicosia, Famagusta, and Larnaca were more than wiped out by falls in Limassol and Paphos.
Property sales to EU nationals
Sales to EU citizens fell 12% in May compared to the same month last year accounting for 13% of the total number of sales (1,268) achieved during the month.
While sales rose by 60% in Larnaca, 57% in Nicosia, and 40% in Famagusta, they fell by 50% in Limasol and 22% in Paphos.
Sales to EU nationals in the first five months of 2024 reached 720; a fall of 4% compared to the same period last year, with only Nicosia, Famagusta and Larnaca improving on last year’s numbers.
Sales to non-EU nationals
Sales to non-EU nationals fell 31% in May compared to the same month last year accounting for 26% of the total number of sales (1,268) achieved during the month.
Although sales in Larnaca, Nicosia and Famagusta rose by 60%, 57% and 40% respectively, they fell by 50% in Limassol and 22% in Paphos.
Sales to non-EU nationals in the first five months of 2024 reached 1,730; a fall of 20% compared to the same period last year, with only Nicosia, Larnaca and Famagusta improving on last year’s numbers.
Market segment summary analysis
The chart below shows each of the district’s popularity with each of the market segments. Sales to the overseas market segments (EU nationals + non-EU nationals) exceed domestic sales in Paphos and Famagusta.
In Paphos, the most popular with those looking for a holiday home in the sun, sales to non-EU nationals alone exceed sales to the domestic market (Cypriots.)
Year to date performance
The chart below is an analysis of sales since 2008, showing total domestic sales and total overseas sales during the first five months of each year.
