According to official statistics published by the Land Department, the number of residential property sales and purchase transactions in Cyprus increased by 12 in October 2024 compared to the same month last year. A total of 1,318 contracts were registered, which is 1% more than in October 2023 (1,306 transactions).
The changes in sales volumes across the island’s districts were uneven. While Famagusta and Paphos saw a decline of 32% and 1% respectively, other districts saw sales growth: Larnaca by 8%, Limassol by by 5%, and in Nicosia by 2%.
Contents
Analysis of real estate market segments
Domestic property sales
Transactions with local buyers accounted for 58% of total sales in October, up 1% year-on-year. Limassol and Nicosia saw increases of 13% and 3% respectively. Meanwhile, Larnaca saw a 46% decline in sales, while Famagusta and Paphos saw a 1% decline.
In the first ten months of 2024, domestic sales reached 7,814, up 1% year-on-year. The exception was Famagusta , where sales fell by 13%. The rest of the districts saw an increase in the number of transactions.
Sales of real estate to overseas buyers
Transactions with overseas buyers, including EU and third-country nationals, reached 557 units in October 2024, up 1% from 550 units in October 2023.
Famagusta recorded an 18% increase in sales, while other areas saw a decline in transaction volumes.
Since the start of the year, sales to overseas buyers have fallen by 12%. While Nicosia, Famagusta and Larnaca have seen property sales rise by 22%, 10% and 3% respectively, Paphos and Limassol have seen transactions fall by 29% and 25%.
Sales of real estate to EU citizens
In October 2024, transactions with EU citizens increased by 5% compared to October last year. Significant growth was recorded in Larnaca (39%), Famagusta (33%) and Limassol (16%). Nicosia and Paphos recorded a decrease in the number of transactions by 18% and 11% respectively.
In the first ten months of 2024, property sales to EU citizens amounted to 1,561 transactions, down 5% on the same period in 2023. The decline was mainly due to a reduction in the number of transactions in Paphos (down 18%) and Limassol (down 13%).
Sales of real estate to third country nationals
In October 2024, the volume of transactions with third-country nationals increased by 5% compared to the same period last year. Sales growth was recorded in Larnaca (39%), Famagusta (33%) and Limassol (16%). In Nicosia and Paphos, property sales volumes decreased by 18% and 11% respectively.
From January to October 2024, sales to third-country nationals amounted to 1,561 units, down 5% compared to the same period in 2023.
Analysis of the data shows that foreign buyers, both from the EU and from other countries, continue to have a significant impact on the Cyprus property market. Activity is particularly noticeable in Paphos, where sales to foreign buyers have exceeded the volume of transactions on the domestic market. For third-country nationals, this area remains the most popular due to the relatively affordable property prices.
