17.03.2023
Real estate sales to non-EU citizens more than doubled in the first two months of 2023 compared to the same period in 2022, according to official figures from the Department of Lands and Land Management.
Speaking at the opening of the 5th Real Estate Show last Friday night in Nicosia, Head of Department Elikkos Elia noted that the two largest groups of foreign nationals buying property on the island are non-EU citizens from Russia and the UK. However, sales figures for EU citizens fell in the first two months.
The total number of real estate transactions in February (in terms of the number of contracts transferred for storage to the land cadastre departments) reached 1,131; the number of deposits deposited in February 2022 increased by 8%, and this is the highest figure on record since 2008.
Contents
Market segment analysis
Sale of real estate in the domestic market
Domestic property sales in February rose by 3% compared to February 2022, but Nicosia and Limassol reported falls of 20% and 6% respectively.
Limassol recorded the most sales, followed by Nicosia, Larnaca, Paphos and Famagusta.
Domestic sales for the first two months of 2023 were 1,153; an increase of 5% compared to 1094 achieved in the same period last year is noticeable.
Sale of real estate to foreign citizens
Sales to foreigners (non-Cypriots) were up 69% compared to February 2022, with sales up in all areas except for Famagusta and Nicosia where they fell by 30% and 7% respectively.
Paphos has achieved the most sales, followed by Limassol , Larnaca, Nicosia and Famagusta.
Overseas property sales in the first two months of 2023 reached 1,069; 31% more than 813 for the same period last year.
Sale of real estate to EU citizens
Sales to EU citizens fell by 42% compared to February 2022, with sales falling in all counties except Larnaca.
Paphos has the highest number of sales, followed by Larnaca, Limassol, Nicosia and Famagusta .
Sales to EU citizens in the first two months of 2023 reached 267; a 37% drop from 422 achieved in the first two months of last year.
Sale of real estate to non-EU citizens
Sales to non-EU citizens were up 69% compared to February 2022, with sales up in all counties.
Limassol recorded the most sales, followed by Paphos, Larnaca, Nicosia and Famagusta.
Sales to non-EU citizens reached 802 in the first two months of 2023, more than double the figure (391) achieved in the first two months of last year.
