12.08.2024
The latest analysis of sales contracts conducted by the Cyprus Department of Land and Surveys reveals a significant increase in domestic real estate sales, while foreign interest in Paphos properties continues to wane.
In July 2024, the real estate market demonstrated a recovery following a dip in May, with growth observed across all market segments.
Market Segment Analysis
Domestic Market Sales (for Cypriot Citizens)
The total number of transactions in the domestic market in July 2024 increased by 34% compared to the same period last year, accounting for 60% of the total transactions for the month. Sales increased across all districts: Famagusta by 59%, Larnaca by 41%, Limassol by 39%, and Paphos and Nicosia by 26% and 21%, respectively.
In the first seven months of 2024, domestic market sales reached 5,644 transactions, up 16% compared to 4,859 transactions during the same period last year. Famagusta was the only district where sales declined by 12%.
Foreign Market Sales (for Foreign Nationals)
The number of real estate transactions involving foreign buyers (both EU and non-EU citizens) in July amounted to 657, a 7% increase compared to 615 transactions in July of the previous year. Although sales in Paphos fell by 4%, other districts saw increases: Limassol by 15%, Larnaca by 13%, Famagusta by 10%, and Nicosia by 8%.
Year-on-year, foreign market sales decreased by 15%. Despite sales growth in Nicosia by 33% and in Famagusta and Larnaca by 6%, Limassol and Paphos saw declines of 29% and 24%, respectively.
Property Sales to EU Citizens
Property sales to EU citizens in July increased by 13%, reaching 202 transactions compared to 179 in the same month last year, representing 12% of the total transactions (1,657) for the month. Although sales in Nicosia and Paphos decreased by 11% and 6% respectively, this was offset by growth in Famagusta by 60%, Larnaca by 41%, and Limassol by 26%.
In the first seven months of 2024, sales to EU citizens totaled 1,068, a 7% decrease compared to 1,148 transactions in the same period last year. The most significant declines were recorded in Paphos and Limassol, where sales dropped by 23% and 18% respectively.
Property Sales to Non-EU Citizens
Property sales to non-EU citizens in July increased by 4% compared to July last year, accounting for 27% of the total transactions for the month (1,657). Despite a decline in sales in Nicosia and Limassol, this was offset by increases in the other three districts—Nicosia, Limassol, and Larnaca.
In the first seven months of 2024, sales to non-EU citizens totaled 2,498, an 18% decrease compared to 3,044 transactions during the same period last year. The most significant declines were observed in Limassol and Paphos, where sales fell by 32% and 24%, respectively.
