09.02.2024
In January 2024, the total number of property sales contracts deposited with land registries throughout Cyprus reached 1,056. A drop of 3% was recorded compared to the 1,091 contracts deposited in January 2023, according to official sales statistics. However, this is only the fifth year in the last nineteen years that the number of real estate sales in January has exceeded 1,000.
Nicosia was the only area where the number of sales increased – by 40% compared to January 2023, reaching 244 from 174. Sales fell in four other areas: by 30% in Famagusta , by 16% in Paphos, by 9% in Limassol and by 4% in Larnaca .
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Sales of real estate on the domestic (Cypriot) market
Total domestic sales in January 2024 increased 21% compared to January 2023 and accounted for 57% of total sales for the month.
Sales increased by 39% in Limassol , 33% in Nicosia and 19% in Larnaca . But they fell by 20% in Paphos and 9% in Famagusta .
As noted by the Central Bank of Cyprus, increases in ECB base rates and housing lending costs and the subsequent decline in demand for mortgages do not appear to have had a significant impact on domestic property demand as it continues to show growth.
Sales of real estate on the foreign market
Total property sales in the overseas market (to both EU and non-EU citizens) fell by 3% in January 2024 compared to January 2023, with sales falling in all areas except Nicosia, where they grew by 40%, and Larnaca . Sales in Famagusta fell by 30%, in Paphos – by 16%, in Limassol – by 9% and in Larnaca – by 4%.
Sale of real estate to EU citizens
Sales to EU citizens fell 25% compared to January 2023, representing 11% of the total sales (1,056) achieved for the month. Nicosia was the only area where sales increased; by 17% compared to January 2023. Sales fell by 63% in Famagusta , 29% in Larnaca , 26% in Limassol and 25 % in Paphos.
Sale of real estate to citizens of non-EU countries
Sales to non-EU citizens in January 2024 fell by 23% compared to January 2023 and represented 32% of the total sales (1,056) achieved for the month. With the exception of Nicosia, where sales increased by a staggering 189%, they fell in the other four districts. Sales fell by 45% in Limassol , 38% in Famagusta , 22% in Larnaca and 11 % in Paphos.
Foreign market preferences in 2024
An analysis of property sales in the foreign market in January 2024 shows that foreign buyers prefer to buy property in the coastal areas of the island.
Property sales in Paphos are dominated by foreign buyers, accounting for 73% of total sales in the district. Paphos was followed in the ranking by Larnaca (44%), Famagusta (48%), Limassol (40%) and finally Nicosia, where overseas buyers accounted for 16% of sales in the area.
