According to official statistics published by the Cyprus Land Department, the number of property transactions in September 2024 decreased slightly compared to the same period last year. A total of 1,289 transactions were recorded, down 4% from September 2023, when 1,336 transactions were concluded.
The September report shows that foreign buyers are focusing on less expensive areas of Cyprus such as Famagusta and Larnaca . Despite an overall decline in transactions of 4%, Famagusta and Nicosia saw sales rise by 15% and 8% respectively. However, these increases were offset by declines of 13% in Larnaca , 8% in Paphos and 4% in Limassol .
In the first nine months of 2024, the total number of property transactions in Cyprus increased by 1% compared to the same period last year.
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Sales on the domestic (Cypriot) market
The number of transactions on the domestic market in September 2024 increased by 4% compared to September last year, accounting for 59% of the total transaction volume. Sales in Limassol and Nicosia increased by 16% and 14% respectively, while in Larnaca they decreased by 20%, in Famagusta by 10% and in Paphos by 6%.
In the first nine months of 2024, the domestic market reached 7,075 transactions, up 13% compared to the same period in 2023. The exception was Famagusta , where sales fell by 8%, while the rest of the districts recorded growth.
International sales
The total number of transactions with foreign buyers (EU and non-EU citizens) in September 2024 was 530, down 12% from 604 transactions in September last year. The decline was recorded in all districts except Famagusta , where sales increased by 61%.
Over the year, sales to foreign buyers fell by 13%. While in Nicosia, Famagusta and Larnaca sales rose by 25%, 13% and 1% respectively, in Limassol they fell by 25% and in Paphos by 21%.
Sales of real estate to EU citizens
Sales to EU citizens fell by 3%, amounting to 171 transactions in September 2024 compared to 176 transactions in September 2023. In Larnaca and Famagusta, sales rose by 26% and 17% respectively, while in the rest of the areas they fell by 23%.
In the first nine months of 2024, sales to EU citizens reached 1,389 transactions, down 6% from 1,476 transactions in the same period last year. In Paphos and Limassol, sales fell by 8% and 16%, while in Nicosia, Famagusta and Larnaca they increased by 26%, 24% and 8% respectively.
Sales of real estate to non-EU citizens
Sales to non-EU citizens fell by 16% in September 2024 compared to the same month last year. The only area to record an increase was Famagusta , where the number of transactions more than doubled.
In the first nine months of 2024, sales to non-EU nationals amounted to 3,192 transactions, down 6% from 3,813 transactions in the same period in 2023. The only area to show growth was Nicosia, where sales increased by 24%.
Final analysis
The analysis shows that property sales in Cyprus show different trends depending on the area and type of buyer. In Paphos, property sales to foreign buyers exceed sales to the domestic market.
