The growth of investments from foreigners is becoming more and more noticeable and amounted to 9% of all transactions. Thus, in the first 10 months of 2021, the total volume of real estate transactions amounted to 2708, while in the corresponding period of 2020 it was 2485. This is a fact that in some way indicates the first signs of recovery of the sector after the pandemic.
In particular, interest in real estate from EU citizens has increased significantly. However, demand is slightly reduced by buyers from third countries, according to the Department of Lands and Surveys.
As the figures show, the number of sales documents filed by EU citizens in the first ten months of 2021 increased compared to the same period in 2020. In particular, during the period from January to October 2021, 1,335 sales documents were submitted by EU citizens. And in 2020, only 902 applications were submitted.
On the other hand, interest in property in Cyprus from non-EU citizens is declining. In the first ten months of the year, compared to 1,583 in 2020, this year they were 1,373.
Real estate sales by district for October
In total sales to foreigners as of October, Limassol ranks first with 146 sales documents. Paphos seems to be losing its dominance, now in second place with 115 sales. This is followed by Larnaca with 67 sales, Nicosia with 21 and finally free Famagusta with 20.
The total number of properties for which EU citizens have submitted documents for the sale and purchase is 195. Moreover, most of the properties are located in Paphos.More specifically, 16 concerned the province of Nicosia, 11 free Famagusta, 24 Larnaca, 71 Limassol and 73 Paphos.
In terms of property sales to non-EU citizens, there were 174 in the first ten months of the year, with Limassol taking the lead. More specifically, five sales are registered in Nicosia, nine in Famagusta, 43 in Larnaca, 75 in Limassol and 42 in Paphos.