According to the latest analysis by the Department of Lands and Surveys, the number of property transactions in Cyprus in August 2024 increased slightly compared to the same period last year, despite a decline in interest from foreign buyers. A total of 1,135 transactions were concluded, up only 0.27% from 1,132 in August 2023. The situation is mixed across the country, with Famagusta, Nicosia and Limassol seeing sales growth of 19%, 7% and 6% respectively, while Larnaca and Paphos saw sales decline by 11% and 6%.
In the first eight months of 2024, the total number of property transactions increased by 2% compared to the same period last year. While sales in Paphos, Limassol and Famagusta fell by 13%, 4% and 1%, the growth in Nicosia and Larnaca of 22% and 9% offset these declines.
Contents
Sales of real estate on the domestic market
In August 2024, the number of property transactions among local buyers increased by 2%, accounting for 57% of the total number of transactions for the month. Sales increased in all areas except Limassol, where there was a 7% decline. In the first eight months of this year, domestic sales reached 6,294 transactions, up 14% compared to the same period last year. A decrease was observed only in Famagusta, where the number of transactions decreased by 7%.
Sales of real estate to foreign buyers
In August, the number of transactions with foreign buyers decreased by 2% and amounted to 485 transactions. Limassol, Nicosia and Famagusta saw an increase in interest from foreign investors, while Larnaca and Paphos saw a significant decrease of 25% and 11% respectively. Overall, sales among foreign buyers decreased by 14% over the year. In Nicosia, Famagusta and Larnaca, demand increased by 33%, 8% and 2%, but in Limassol and Paphos, sales fell by 24% and 22%.
Sales of real estate to EU citizens
Property sales to EU citizens in August were down 1% year-on-year to 150 transactions, representing 13% of the total for the month. Nicosia and Limassol saw increases of 55% and 3% respectively, while Larnaca and Famagusta recorded declines of 23% and 8%. For the first eight months of 2024, property sales to EU citizens were down 6% year-on-year to 1,218 transactions.
Sales of real estate to non-EU citizens
Property sales to third-country nationals also fell by 2% in August, accounting for 30% of total transactions. In Famagusta, Limassol and Nicosia, property sales increased by 43%, 35% and 13%, but this did not offset the decline in Larnaca and Paphos. In the first eight months of 2024, property sales to non-EU nationals amounted to 2,833 transactions, down 16% year-on-year.
