The Department of Lands and Surveys has published the latest data on home sales in Cyprus to local and foreign buyers for December 2023.
According to official statistics, the real estate sector in Cyprus continues to actively recover.
Interestingly, the driving force behind the real estate market in December 2023 were the local buyers. They accounted for the largest number of transactions. At the same time, the interest in buying homes from Cypriots increased, while from foreign investors - decreased.
In the last month of 2023 in Cyprus 1,356 units of housing were sold. Of these: 833 (56%) transactions were made by local buyers and 523 (44%) by foreign investors. In turn, of the 523 properties bought by foreigners, 173 were accounted for by EU citizens and 350 by third-country nationals.
Real estate sales on the domestic market
Real estate sales in the domestic market in December 2023 increased by 21% compared to the same month in 2022. A total of 833 home sale contracts were signed with locals compared to 690 a year earlier.
Looking at the cities of Cyprus, the leader in terms of the number of transactions concluded in December 2023 was Nicosia (328), followed by Limassol (242), Larnaca (145), Paphos (67) and the free neighborhoods of Famagusta (51).
Meanwhile, compared to the same month in 2022, the number of transactions increased in Paphos (+24%), Larnaca (+32%), Nicosia (+46%) and the free neighborhoods of Famagusta (+11%).
Negative dynamics was observed in Limassol. The number of sales in this city decreased by 5%.
In turn, the total number of transactions with local buyers for 2023 amounted to 8,667 (+16%) against 7,481 for the same period in 2022. In Limassol, 2,772 units were sold in 12 months (+4%) vs. 2,659 in the same period last year, in Nicosia 2,665 units (+11%) vs. 2,409, in Larnaca 1,712 units (+40%) vs. 1,224, in Paphos 1,023 units (+23%) vs. 832, in the free areas of Famagusta 495 units (+39%) vs. 357.
One has to take into account that the real sales figures in this category include some of "non-sale" agreements such as loan restructuring, repossessions and debt-for-asset exchanges 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 separately publish these figures.
Real estate sales to foreign investors
In terms of transactions with foreign investors, they were down 19% compared to December 2022. At the same time, sales dropped in all cities in Cyprus. A total of 523 real estate sales contracts were concluded with foreigners in December 2023 compared to 645 a year earlier.
If we look at the cities, the first line in the number of concluded transactions in December with foreigners ranked Limassol (196). It is followed by Paphos (131), Larnaca (120), Nicosia (47) and the free neighborhoods of Famagusta (29).
The total number of sales contracts for 2023 amounted to 6,900 Of these: 2,350 transactions were in Paphos, 2,320 in Limassol, 1,473 in Larnaca, 317 in the free neighborhoods of Famagusta and 440 in Nicosia.
In the 12 months of 2023, the number of sales transactions with foreigners increased by 16% compared to the same period last year. It is worth noting that between January and December 2023, sales in Nicosia increased by 21%, in Limassol by 16%, in Paphos by 15%, in Larnaca by 25%, and in the free areas of Famagusta decreased by 6%.
Real estate sales to EU citizens
Real estate sales to EU citizens in December 2023 decreased by 27% compared to the same period in 2022. The total number of sales contracts amounted to 173. Of these:
- 29 transactions were in Nicosia,
- 16 in the free neighborhoods of Famagusta,
- 36 in Larnaca,
- 50 in Limassol,
- 42 in Paphos.
On a year-on-year basis, sales to EU citizens fell by 23%. The total number of transactions between January and December 2023 amounted to 1,962. Meanwhile, housing sales decreased in all areas of the country except Larnaca and Nicosia. In these Cypriot cities, 379 (+5%) and 228 (+15%) sales transactions were concluded in 2023, respectively. In the free areas of Famagusta, 123 sales transactions (-47%) were registered between January and December 2023, in Limassol - 526 sales transactions (-22%) and in Paphos - 706 sales transactions (-34%).
Real estate sales to third country nationals
Real estate sales to third country nationals in December 2023 fell by 14% compared to the same period in 2022. The total number of sales contracts amounted to 350. Of these:
- 18 transactions were in Nicosia,
- 13 in the free neighborhoods of Famagusta,
- 84 in Larnaca,
- 146 in Limassol,
- 89 in Paphos.
On a year-on-year basis, sales increased by 46%. The total number of transactions from January to December 2023 amounted to 4,938. Meanwhile, residential sales increased in all areas of the country. В
free areas of Famagusta from January to December 2023, 194 sales transactions were concluded (+90%), in Nicosia - 212 sales transactions (+28%), in Larnaca - 1,094 sales transactions (+34%), in Limassol - 1,794 sales transactions (+35%), in Paphos - 1,644 sales transactions (+69%).