In 2024, the number of property transactions in Cyprus reached a record high, surpassing the figures of 2007. The total number of contracts concluded was 15,797, indicating stable interest in the market. However, despite the positive data on overall sales, the property market in Cyprus is facing a slowdown in some segments, especially against the backdrop of a decrease in demand from foreign buyers and a slowdown in the domestic market.
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Property for sale in December 2024
Compared to December 2023, the number of transactions decreased by 1%, despite an increase in sales in some areas. In particular, sales in popular coastal areas such as Paphos increased by 34%, but a 16% decrease in sales in Nicosia and Famagusta, as well as a decrease in transactions in Limassol and Larnaca, led to an overall decrease in figures.
However, sales increased by 1% year-on-year compared to 2023. Growth was observed in Nicosia and Larnaca (14% and 5% respectively), while sales in Paphos fell by 8%, in Famagusta by 5% and in Limassol by 1%.
Sale of real estate on the domestic market
Domestic property sales in Cyprus increased by 1% in December 2024 compared to December 2023. This accounted for 63% of the total number of transactions. Sales were particularly active in the areas of Limassol, Paphos and Larnaca, where they increased by 29%, 10% and 2% respectively. At the same time, Famagusta and Nicosia saw a decrease in demand – by 22% and 19% respectively.
In 2024, domestic sales increased by 10%, with the exception of Famagusta, where they decreased by 16%.
Selling real estate on the foreign market
Property sales to foreign nationals (both EU and non-EU nationals ) decreased by 5% in December 2024 compared to December 2023. Despite sales growth in Paphos (47%) and Nicosia (2%), Limassol saw a significant decrease of 41%, Famagusta by 7% and Larnaca by 4%. This indicates a decrease in foreign investor interest, especially in the popular areas of Limassol and Paphos.
on the overseas market fell by 10% in 2024. This was due to a 23% decrease in the number of transactions in Limassol and 14% in Paphos, which in turn was offset by growth in Nicosia (19%), Famagusta (13%) and Larnaca (4%).
Sale of real estate to EU citizens (except Cypriots)
Property sales to EU citizens in December 2024 were down 5% compared to December 2023, accounting for 12% of total transactions. However, in Paphos, sales increased by 55%. At the same time, property sales to EU citizens fell by 3 % in 2024 compared to 2023. While sales in Famagusta, Nicosia and Larnaca increased by 22%, 10% and 6% respectively, they decreased by 8% in Paphos and by 13% in Limassol.
Selling real estate to non-EU citizens
Property sales to non-EU nationals also fell by 5% in December 2024, accounting for 25% of the total number of transactions (1,339) . Paphos saw a 43% increase in transactions, while other areas (Nicosia, Famagusta and Larnaca) saw more moderate growth of 22%, 15% and 4% respectively . However, a 43% decline in sales in Limassol was a significant factor influencing the overall results.
In the 12 months to 2024, sales to non-EU citizens fell by 12% compared to 2023. While sales in Nicosia, Famagusta and Larnaca rose by 28%, 7% and 4% respectively, the Lands Department recorded a 26% drop in sales in Limassol and a 16% drop in Paphos.
Cyprus Property Market Outlook 2025
Despite a certain slowdown in late 2024, the Cyprus property market remains fairly stable. In 2025, the market is expected to continue to adapt to changes in demand, with interest from overseas buyers declining, while the domestic market will remain stable.
There is also a possibility that with the improvement of the economic situation and the stabilisation of mortgage rates, interest in Cyprus real estate will increase again. At the same time, in order to achieve continuous growth, attention must be paid to new investment projects and infrastructure improvements.
