The latest analysis of sales contracts issued by the Department of Lands and Surveys reveals a marginal increase in property sales in August compared to the same month last year, while sales to foreign buyers continue their earlier decline.
The total number of property sales in August (as measured by the number of sales contracts deposited in Land Registry offices in the free areas of the island) stood at 1,135; an increase of just 0.27% on the 1,132 contracts deposited in August last year.
The island’s property market remains on course to achieve the highest number of sales since 2008.
While sales in Famagusta, Nicosia, and Limassol rose by 19%, 7% and 6% respectively, they fell by 11% in in Larnaca and by 6% in Paphos.
Sales in the first eight months of 2024 rose 2% compared with the same period last year. While property sales in Paphos fell 13%, 4% in Limassol, and 1% in Famagusta, these falls were more than outweighed by sales in Nicosia and Larnaca rising by 22% and 9% respectively.
Property sales – market segment analysis
Sales to the domestic (Cypriot) market
The total number of sales to the domestic market in August 2024 rose 2% compared to the same period last year and accounted for 57% of the total number of sales in the month.
Sales rose in all districts with sales in all districts with the exception of Limassol where they fell by 7%.
Sales to the domestic market in the first eight months of 2024 reached 6,294; an increase of 14% on the 5,498 achieved in the same period of last year. With the exception of Famagusta, where sales fell by 7%, 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 August reached 485; a fall of 2% on the 493 achieved in August last year.
While Limassol, Nicosia, and Famagusta recorded double-digit increases in sales, the number of sale contracts in Larnaca and Paphos fell by 25% and 11% compared to August last year.
On an annual basis, overseas sales fell by 14%. Although sales in Nicosia, Famagusta, and Larnaca rose by 33%, 8%, and 2% respectively, they fell by 24% in Limassol and 22% in Paphos.
Property sales to EU citizens
Sales to EU citizens fell 1% to reach 150 in August compared to 152 in the same month last year and accounted for 13% of the total number of sales (1,135) achieved during the month.
Although sales in Nicosia and Limassol rose 55% and 3% respectively – and sales in Paphos remained steady, they fell by 23% in Larnaca and 8% in Famagusta.
Sales to EU citizens in the first eight months of 2024 reached 1,218; a fall of 6% compared to the 1,300 sold in the same period last year, with sales in Paphos and Limassol falling 20% and 16% respectively, while sales rose by 33% in Nicosia, 26% in Famagusta and 6% in Larnaca.
Property sales to non-EU citizens
Similarly, sales to non-EU citizens fell 2% in August compared to August last year accounting for 30% of the total number of sales (1,135) achieved during the month.
Although sales in Famagusta, Limassol, and Nicosia rose by 43%, 35% and 13% respectively, these increases were outweighed by falls in Larnaca and Paphos.
Sales to Non-EU citizens in the first eight months of 2024 reached 2,833; a fall of 16% compared to the 3,385 achieved in the same period last year, with sales in Paphos and Limassol falling by 27% and 23% respectively.
Property 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.
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 sales performance
The chart below is an analysis of sales since 2008, showing total domestic sales and total overseas sales during the first eight months of each year.
