The number of Cyprus property sales achieved in October rose by 12 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 1,318; an increase of 1% on the 1,306 sold in October last year.
Although sales Famagusta and Paphos fell by 32% and 1% respectively, they increased by 8% in Larnaca, 5% in Limassol and 2% in the capital Nicosia.
Property sales in the first ten months of 2024 have risen 1% compared with the same period last year with only the capital Nicosia and Larnaca gaining ground.
Cyprus property sales – market segment analysis
Sales to the domestic (Cypriot) market
The total number of sales to the domestic market in October rose 1% compared with October last year and accounted for 58% of the total number of sales in the month.
While sales in Limassol and Nicosia rose by 13% and 3% respectively, they fell 46% in Larnaca and 1% in both Famagusta and Paphos.
Sales to the domestic market in the first ten months of 2024 reached 7,814; an increase of 1% on the 6,986 achieved in the same period of last year. With the exception of Famagusta, where sales fell by 13%, 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 October reached 557; an increase of 1% on the 550 achieved in October last year.
Sales fell in all districts with the exception of Famagusta, which recorded a double-digit increase of 18%.
On an annual basis, overseas sales have fallen 12%. Although sales in Nicosia, Famagusta, and Larnaca have risen 22%, 10% and 3% respectively, they’ve fallen 25% in Limassol and 29% in Paphos as foreign buyers focus their attention on the lower priced areas of the island.
Property sales to EU citizens
In October, sales to EU citizens rose 5% compared to the same month last year, with falls of 18% in Nicosia and 11% in Paphos outweighed by increases in Larnaca (39%), Famagusta (33%) and Limassol (16%)
Sales to EU citizens in the first ten months of 2024 reached 1,561; a fall of 5% compared to the 1,640 sold in the same period last year, as a consequence of sales in Paphos and Limassol falling 18% and 13% respectively.
Property sales to non-EU citizens
Sales to non-EU citizens rose 5% in October compared to October last year. While sales in Larnaca, Famagusta and Limassol rose by 39%, 33% and 16% respectively, they fell 18% in Nicosia and 11% in Paphos.
Sales to Non-EU citizens in the first ten months of 2024 reached 1,561, falling 5% compared to the 1,640 compared to the same period last year.
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.)
