According to the latest statistics from the Department of Lands and Surveys, property sales in Cyprus saw a 9% increase in November compared to the same month last year.
The total number of sales, measured by the number of contracts deposited in Land Registry offices in the island’s free areas, reached 1,506, up from 1,386 in November of the previous year.
With the exception of Paphos, where sales fell by 3%, all other districts experienced growth. Sales surged by 19% in Limassol, 5% in the capital Nicosia, 8% in Famagusta, and 1% in Larnaca.
Over the first eleven months of 2024, property sales have risen by 2% compared to the same period last year, with only Nicosia and Larnaca showing significant gains. The property market on the island is on track to achieve the highest number of sales since 2008.
Cyprus property sales – market segment analysis
Sales to the domestic (Cypriot) market
In November, sales to the domestic market reached 914, an 8% increase from the 848 recorded in the same period last year. Despite declines in Famagusta, Larnaca, and Paphos, these were counterbalanced by increased sales in Limassol and Nicosia.
Overall, domestic sales for the first eleven months of 2024 totalled 8,728, up 11% from the 7,834 recorded in the same period last year. All districts except Famagusta, where sales dropped by 15%, have seen gains.
Property sales to the overseas market
Sales to the overseas market (including both EU and non-EU citizens) reached 592 in November, a 10% increase from the 538 recorded in the same month last year. While sales rose in all districts except Limassol, which saw a 1% decline.
Over the first eleven months of 2024, overseas sales have dropped by 10%. Sales in Famagusta, Larnaca, and Nicosia rose by 15%, 5%, and 21% respectively, but fell by 21% in Limassol and 18% in Paphos as foreign buyers gravitated towards lower-priced coastal areas and the capital Nicosia.
Property sales to EU citizens
Sales to EU citizens increased by 22% in November compared to the same month last year. Despite a 30% decrease in Nicosia and an 11% drop in Larnaca, these were offset by increases of 75% in Famagusta, 66% in Paphos, and 25% in Limassol.
For the first eleven months of 2024, sales to EU citizens reached 1,743, a 3% decline compared to the 1,789 sold in the same period last year, mainly due to decreases in Paphos and Limassol, which fell by 12% and 11% respectively.
Property sales to non-EU citizens
In November, sales to non-EU citizens rose by 5% compared to the same month last year. Sales in Nicosia, Famagusta, and Larnaca increased by 85%, 56%, and 49% respectively, but fell by 22% in Paphos and 7% in Limassol.
Over the first eleven months of 2024, sales to non-EU citizens reached 3,987, a 13% decrease from the 4,588 recorded in the same period last year.
Market Segment Summary
The chart below illustrates the popularity of each district among different market segments. In Paphos, which is particularly attractive to those seeking holiday homes, sales to non-EU nationals alone exceed those to the domestic market.
