The Department of Lands and Surveys has published the latest data on sales of residential properties in Cyprus to local and foreign buyers for the month of July 2024.
According to official statistics, the real estate sector in Cyprus continues to recover strongly. In July 2024, 1,657 housing units were sold in the island state. Of these: 1,000 transactions were made by local buyers and 657 by foreign investors. Of the 657 properties purchased by foreigners, 202 were bought by EU nationals and 455 by third-country nationals.
Domestic property sales
Domestic property sales in July 2024 increased by 34% compared to the same month in 2023. A total of one thousand property sales contracts were signed with locals, compared to 747 a year earlier.
Looking at Cypriot cities, Limassol topped the list in terms of the number of contracts signed in July 2024 (343), followed by Nicosia (268), Larnaca (247), Paphos (91) and the free areas of Famagusta (51). Meanwhile, compared to the same month in 2023, the number of transactions increased in all cities: Limassol (+39%), Paphos (+26%) and Larnaca (+41%). Nicosia (+21%) and the free areas of Famagusta (+59%).
In turn, the total number of transactions with local buyers from January to July 2024 was 5,644 (+16%) against 4,859 for the same period in 2023. In Limassol, 1,918 units were sold in 7 months against 1,653 in the same period last year, in Nicosia - 1,752 units against 1,436, in Larnaca - 1,105 units against 941, in Paphos - 648 units against 577, in the free neighbourhoods of Famagusta - 221 units against 252.
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
Transactions with foreign investors increased by 7% compared to July 2023. At the same time, sales increased in all cities of Cyprus. A total of 657 property sales contracts were concluded with foreigners in July 2024, compared to 615 a year earlier.
Looking at the cities, Limassol (209) topped the list in terms of the number of transactions concluded with foreigners in July. It is followed by Paphos (203), Larnaca (171), Nicosia (42) and the free areas of Famagusta (32). At the same time, the number of transactions increased in all Cypriot towns except Paphos (-4%), Limassol (15%), Larnaca (13%), the free areas of Famagusta (10%) and Nicosia (8%) in comparison with the same month of the previous year.
The total number of sales contracts from January to July 2024 was 3,566. Of these: 1,132 transactions were in Paphos, 1,035 in Limassol, 889 in Larnaca, 190 in the free areas of Famagusta and 320 in Nicosia. In the first 7 months of 2024, the number of transactions with foreigners fell by 15%.
Property sales to EU nationals
Property sales to EU nationals in July 2024 increased by 13% compared to the same period in 2023. The total number of sales contracts was 202 compared to 179 a year earlier. Of these:
- 17 transactions were in Nicosia,
- 16 in the vacant areas of Famagusta,
- 48 in Larnaca,
- 49 in Limassol,
- 72 in Paphos.
Between January and July, sales to EU citizens increased by 7%. The total number of transactions was 1,068. Meanwhile, residential sales increased in all areas of the country except Limassol (-18%) and Paphos (-23%), where 257 and 341 transactions respectively were concluded. In the free areas of Famagusta, 86 sales transactions were registered between January and July 2024, in Larnaca - 233 sales transactions, and in Nicosia - 151 sales transactions.
Sales to third country nationals
Property sales to non-EU nationals in July 2024 increased by 4% compared with the same period in 2023. The total number of sales contracts was 455, compared with 436 a year earlier. Of these:
- 25 transactions were in Nicosia,
- 16 in the vacant areas of Famagusta,
- 123 in Larnaca,
- 160 in Limassol,
- 131 in Paphos.
Between January and July 2024, sales fell by 18 per cent. The total number of transactions was 2,498. Meanwhile, residential sales increased in all areas of the country except Limassol (-32 per cent) and Paphos (-24 per cent), where 778 and 791 transactions respectively were concluded. In Nicosia, 169 sales transactions were registered between January and July 2024, 656 in Larnaca and 104 in the free areas of Famagusta.