The number of Cyprus property sales achieved in September fell slightly compared with the numbers sold in the same month last year according to official statistics published by the Department of Lands and Surveys.
The total number of Cyprus property sales (as measured by the number of sales contracts deposited in Land Registry offices in the free areas of the island) stood at 1,289; a fall of 4% on the 1,336 sold in September last year.
What’s noticeable in the September numbers is that foreigners appear to be focussing their attention onto the less expensive areas of the island, namely Famagusta and Larnaca.
Overall sales declined 4% and although sales in Famagusta and Nicosia increased by 15% and 8% respectively, these increases were wiped out by falls of 13% in Larnaca, 8% in Paphos and 4% in Limassol.
Property sales in the first nine months of 2024 have risen 1% compared with the same period last year.
Cyprus property sales – market segment analysis
Sales to the domestic (Cypriot) market
The total number of sales to the domestic market in September 2024 rose 4% compared with September last year and accounted for 59% of the total number of sales in the month.
While sales in Limassol and Nicosia rose by 16% and 14% respectively, they fell 20% in Larnaca, 10% in Famagusta, and 6% in Paphos.
Sales to the domestic market in the first nine months of 2024 reached 7,075; an increase of 13% on the 6,230 achieved in the same period of last year. With the exception of Famagusta, where sales fell by 8%, all districts recorded gains.
Property sales to the overseas market
The total number of Cyprus property sales to the overseas market (both EU and non-EU citizens) in September reached 530, falling 12% on the 604 achieved in September last year.
Sales fell in all districts with the exception of Famagusta, which recorded a double-digit increase of 61%.
On an annual basis, overseas sales have fallen 13%. Although sales in Nicosia, Famagusta, and Larnaca have risen 25%, 13% and 1% respectively, they’ve fallen 25% in Limassol and 21% in Paphos.
Property sales to EU citizens
Sales to EU citizens fell 3% to reach 171 in September compared to 176 in the same month last year.
Although sales in Larnaca and Famagusta rose 26% and 17% respectively, they fell by 23% in the other three districts.
Sales to EU citizens in the first nine months of 2024 reached 1389; a fall of 6% compared to the 1,476 sold in the same period last year, with sales in Paphos and Limassol 8% and 16% respectively, while sales rose by 26% in Nicosia, 24% in Famagusta and 8% in Larnaca.
Property sales to non-EU citizens
Sales to non-EU citizens fell 16% in September compared to September last year. The only district to record an increase in sales was Famagusta where they more than doubled.
Sales to Non-EU citizens in the first nine months of 2024 reached 3,192, falling 6% compared to the 3,813 achieved in the first nine months of last year. The only district recording an increase was Nicosia, where sales so far this year have risen 24%.
Cyprus property sales 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.)