06.01.2024
Property sales in the Cyprus overseas market continue to decline, according to data from the Land and Survey Department, declining by 19% in December 2023 compared to December 2022. However, the domestic (Cypriot) market continues to show sales growth.
In the domestic market, real estate sales in December 2023 increased by 21%, accounting for 56% of total sales for the month. Excluding Limassol , where sales decreased by 5%, other regions such as Nicosia, Larnaca , Paphos and Famagusta saw sales increase by 46%, 32%, 24% and 11% respectively. Overall for 2023, domestic sales increased 16% year-on-year to 8,667 transactions.
However, in the foreign market, property sales decreased by 19% in December 2023. The exceptions were Nicosia, where sales increased by 9%, and Larnaca , where they remained stable. However, at the end of the year, sales abroad increased by 16%, reaching their highest level since 2007. The recent decline in sales may be related to the conflict between Gaza and Israel.
Property sales to European Union citizens fell by 27% in December 2023, accounting for 13% of total sales for the month. The exceptions were Nicosia and Larnaca , where sales increased by 71% and 9% respectively. Year-on-year sales to EU citizens decreased by 23%.
Property sales to non-EU nationals also fell, this time by 14% in December 2023 compared to December 2022, accounting for 26% of the total sales (1,358) achieved for the month. The exception was Famagusta , where sales remained stable. Sales to non-EU citizens reached 4,938 in 2023, an increase of 46% from the 3,383 achieved in 2022.
Analysis of property sales in the overseas market in 2023 also shows that foreign buyers prefer to purchase property in the coastal areas of Cyprus. The most popular location is Paphos, where overseas buyers account for 70% of sales in the area. It is followed by Limassol , Larnaca , Famagusta and Nicosia.
