The Department of Lands and Surveys has published new data on the sales of residential properties in Cyprus to local and foreign buyers for the period October to April.
According to official statistics, the momentum of the housing sector in Cyprus has slowed down. A total of 1,318 residential units were sold in the island state. Of these: 761 transactions (58%) were made by local buyers and 557 (42%) by foreign investors. Of the 761 properties bought by foreigners, 172 were by EU nationals and 589 by non-EU nationals.
Domestic property sales
Domestic property sales in October 2024 increased by 1% compared to the same month in 2023. A total of 761 property sales contracts were signed with locals, compared to 756 a year earlier.
Looking at Cypriot cities, Nicosia was the leader in terms of the number of contracts signed with Cypriots in October 2024 (254), followed by Limassol (247), Larnaca (141), Paphos (88) and the free areas of Famagusta (317). Meanwhile, compared to the same month in 2023, the number of transactions increased in Limassol (+13%) and Nicosia (+2%). Negative dynamics were recorded in Paphos (-1%), Larnaca (-1%) and the free areas of Famagusta (-46%).
In turn, the total number of transactions with local buyers from January to October 2024 was 7,814 (+1%) compared to 6,986 for the same period in 2023. In Limassol, 2,601 units were sold in 10 months against 2,287 in the same period last year, in Nicosia - 2,456 units against 2,094, in Larnaca - 1,513 units against 1,377, in Paphos - 901 units against 833, in the free neighbourhoods of Famagusta - 343 units against 395.
It should be noted that the actual sales figures in this category include a certain number of 'non-sale' agreements such as loan restructurings, repossessions and debt-for-asset swaps agreed between banks and defaulting borrowers as part of the banks' efforts to reduce their NPL portfolios. Unfortunately, the Department of Lands and Surveys does not publish these figures separately.
Property sales to foreign investors
In terms of transactions with foreign investors, these increased by % compared to October 2023. Negative dynamics were recorded in all Cypriot cities except Larnaca (+18%). In Nicosia, sales fell by 2%, in the free areas of Famagusta by 9%, in Paphos by 1% and in Limassol by 5%. A total of 557 property sales contracts were concluded with foreigners, compared to 550 a year earlier.
Looking at the cities, Paphos (184) took first place in terms of the number of transactions with foreigners in October. It is followed by Limassol (155), Larnaca (143), Nicosia (43) and the free areas of Famagusta (32).
The total number of sales contracts from January to October 2024 was 5,138. Of these: 1,653 transactions in Paphos, 1,492 in Limassol, 1,268 in Larnaca, 291 in the free neighbourhoods of Famagusta and 434 in Nicosia. In the first 10 months of 2024, the number of sales transactions with foreigners fell by 12%.
Property sales to EU nationals
Property sales to EU nationals in October 2024 increased by % compared to the same period in 2023. The total number of sales contracts was 172, compared with 164 a year earlier. Of these:
- 23 transactions were in Nicosia,
- 12 in the vacant areas of Famagusta,
- 39 in Larnaca,
- 43 in Limassol,
- 55 in Paphos.
Between January and October 2024, sales to EU citizens decreased by %. The total number of transactions was 1,561. Negative dynamics were recorded in Nicosia (-18%) and Paphos (-11%). Sales increased in the free areas of Famagusta (+33%), Larnaca (+39%) and Limassol (+16%). A total of 1,561 property purchase contracts were concluded with foreigners, compared to 1,640 a year earlier. From January to October 2024, 381 sales contracts were registered in Limassol, 509 in Paphos, 209 in Nicosia, 339 in Larnaca and 124 in the free areas of Famagusta.
Property sales to third-country nationals
Property sales to third-country nationals in October 2024 also decreased in % compared to the same period in 2023. The total number of sales contracts was 385 compared to 386 a year earlier. Of these:
- 20 transactions were in Nicosia,
- 20 in the vacant areas of Famagusta,
- 104 in Larnaca,
- 112 in Limassol,
- 129 in Paphos.
Between January and October 2024, sales fell by %. The total number of transactions was 3,577. At the same time, house sales increased in Nicosia (+25%), Larnaca (+12%) and Paphos (+4%). They fell in the free areas of Famagusta (-23%) and Limassol (-12%).
From January to October 2024, 225 sales transactions were registered in the capital of Cyprus, 1,111 sales transactions in Limassol, 930 sales transactions in Larnaca, 1,144 sales transactions in Paphos and 167 sales transactions in the free areas of Famagusta.