The Department of Lands and Surveys has published the latest data on house sales in Cyprus to local and foreign buyers for January 2025.
According to official statistics, the real estate sector in Cyprus continues to recover strongly. In January 2024, 1,275 housing units were sold in the island state. Of these: 60 per cent of transactions went to local buyers and 40 per cent to foreign investors. In turn, third country nationals accounted for 27 per cent of the total number of foreign transactions, while EU citizens accounted for 13 per cent.
Domestic sales
Domestic property sales in January 2024 increased by 27 per cent compared to the same month in 2023. Looking at the cities of Cyprus, the figure increased by 50% in Limassol, 22% in Larnaca, 18% in Nicosia, 10% in the free areas of Famagusta and 8% in Paphos.
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, they were up by 12 percent compared to January 2024. At the same time, sales increased in all Cypriot towns except Nicosia (-10%): by 74% in the free areas of Famagusta, by 18% in Larnaca, by 16% in Limassol and by 5% in Paphos.
Property sales to EU nationals
Property sales to EU citizens increased by 44% in January 2025 compared to the same period in 2024. The increase was recorded in all Cypriot cities except Larnaca (-15%). In particular, the number of transactions increased by 533% in the free areas of Famagusta, 81% in Paphos, 21% in Nicosia and 13% in Limassol.
Sales to third country nationals
Property sales to third country nationals in January 2025 increased by only 1% compared to the same month in 2024. A decrease in this category was recorded in the following Cypriot cities Nicosia (-27%), Paphos (-15%) and the free areas of Famagusta (-14%). Only Limassol (+17%) and Larnaca (+27%) recorded an increase.