08.11.2023
The latest sales figures from the Department of Lands and Surveys show that foreign buyers accounted for almost three quarters of total property sales in Paphos until the end of October.
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Selling real estate on the foreign market
The total number of property sales in the foreign market (to EU and non-EU citizens) in October increased by 9% compared to October 2022. Sales increased in all areas except Limassol , where they fell by 15%. The highest number of sales was recorded in Paphos (186), followed by Limassol (164), Larnaca (121), Nicosia (44) and finally Famagusta (35).
Overseas property sales in the first ten months of 2023 reached 5,839; an increase of 26% compared to the 4,640 achieved during the same period last year.
Sale of real estate to citizens of non-EU countries
Property sales to non-EU citizens increased by 20% compared to October 2022, representing 32% of total sales achieved for the month.
With the exception of Nicosia, where sales in October fell by 16% compared to the same month last year, in Famagusta they increased by 63%, in Larnaca by 31%, in Paphos by 18% and in Limassol by 14%. Limassol recorded the highest number of sales, followed by Paphos, Larnaca , Famagusta and Nicosia.
Sales to non-EU citizens reached 4,199 units in the first ten months of 2023. This is 62% more than the 2,597 achieved in the first ten months of 2022.
Sale of real estate to EU citizens
Sales to EU citizens continued their downward trend, falling 11% compared to October 2022. The only two areas that bucked this trend were Nicosia, where sales were up 47%, and Limassol , where sales were up 16%.
Sales in Paphos fell by 29%, and in Famagusta and Larnaca by 10% and 22% respectively.
Sales to EU citizens in the first ten months of 2023 reached 1,640; a drop of 20% compared to 2043 achieved during the same period last year.
Preferences in the foreign market
An analysis of property sales in the overseas market for the first ten months of 2023 shows that foreign buyers prefer to buy property in the coastal areas of the island.
Paphos is by far the most popular destination, with overseas sales accounting for 71% of total sales in the district. Paphos is followed by Larnaca (47%), Limassol (46%), Famagusta (40%) and finally Nicosia, where overseas buyers account for just 16% of sales in the area.
Sale of real estate on the domestic market
Domestic property sales in October increased by 14% compared to October 2022, but Limassol recorded a fall of 11%.
The highest number of sales was recorded in Nicosia (248), followed by Limassol (219), Larnaca (143), Paphos (89) and Famagusta (57).
Domestic sales in the first ten months of 2023 reached 6,986 units; an increase of 14% compared to 6,141 achieved during the same period last year.
