07.06.2024
Property sales in Cyprus fell in May, with the total number of sales contracts registered at Land Registry offices across Cyprus falling by 17% compared to the corresponding month in 2023. In addition to residential properties, the data includes commercial properties, retail premises, offices, warehouses and land.
Sales fell in all areas, with the steepest drop of 30% recorded in Paphos, followed by Limassol (20%), Famagusta (18%), Larnaca (8%) and Nicosia (7%).
Sales for the first five months of 2024 fell 1% compared with the same period last year. While property sales in Nicosia and Larnaca increased by 28% and 9% respectively, sales in Paphos fell by 15%, sales in Limassol fell by 10% and sales in Famagusta fell by 11%.
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Sales on the domestic (Cypriot) market
Total domestic sales in May 2024 were down 10% year-on-year and accounted for 23% of total sales for the month.
With the exception of Paphos (where sales increased by 3%), sales in Famagusta , Larnaca , Nicosia and Limassol fell by 42%, 13%, 12% and 6% respectively.
Domestic sales in the first five months of 2024 reached 3,781; recorded an increase of 12% compared to 3,370 achieved during the same period last year. With the exception of Famagusta , all districts recorded an increase.
Sales of real estate on the foreign market
The total number of property sales on the overseas market (to both EU and non-EU citizens) fell by 28% in May 2024 compared to the same month last year.
Sales growth in Famagusta and Nicosia was offset by falls of 41% in Paphos, 38% in Limassol and 3% in Larnaca .
Year-on-year, sales in the overseas market fell 10%. Sales growth in Nicosia, Famagusta and Larnaca was offset by declines in Limassol and Paphos.
Sale of real estate to EU citizens
Sales to EU citizens fell 12% in May compared to the same month last year, accounting for 13% of the total sales (1,268) achieved for the month. While sales increased by 60% in Larnaca , 57% in Nicosia and 40% in Famagusta , they fell by 50% in Limassol and 22% in Paphos.
Sales to EU citizens in the first five months of 2024 reached 720 transactions, which is 4% less than in the same period last year. Only Nicosia, Famagusta and Larnaca improved their figures from last year.
Sales of real estate to citizens of non-EU countries
Property sales to non-EU nationals fell 31% in May compared to the same month last year, accounting for 26% of the total 1,268 sales achieved for the month.
While sales in Larnaca , Nicosia and Famagusta increased by 60%, 57% and 40% respectively, in Limassol they fell by 50% and in Paphos by 22%.
Sales to non-EU citizens reached 1,730 in the first five months of 2024, down 20% on the same period last year. Only Nicosia, Larnaca and Famagusta improved their figures from last year.
