The Department of Land Resources and Survyes has published recent data on the sale of housing in Cyprus to foreigners.
According to official statistics, there has been a positive trend in the country.
From January to October, the Cyprus Real Estate Market recorded a significant increase in foreign investment – by 9%. The total number of purchase and sale transactions amounted to 2,708 compared to 2,485 in the same period last year. These indicators point to signs of a gradual recovery of the market after the pandemic.
It is worth noting that the demand for housing in Cyprus has increased significantly from EU citizens. That can not be said about the demand for real estate in Cyprus from non-EU citizens. Unfortunately, it continues to decline. Even the lifting of restrictions on movement and the opening of the island's borders could not solve the problem. The main reason is the cancellation of the Citizenship by Investment program, and the investors don't want to buy a house by the sea.
So, for ten months of 2021, 1,335 transactions were closed with EU citizens, compared to 902 for the same period in 2020. On the other hand, 1,373 purchase and sale transactions were concluded with third-country nationals from January to October, compared to 1,583 in the same months last year.
Sales in October 2021 by cities
In October 2021, 369 real estate purchase and sale transactions were made with foreign buyers.
Limassol turned out to be the leader, as 146 housing units were sold there. It is followed by Paphos (115), Larnaca (67), Nicosia (21) and the controlled areas of Famagusta (20).
The total number of properties purchased by EU citizens in October 2021 was 195. Of these, 73 transactions were closed in Paphos, 71 – in Limassol, 24 – in Larnaca, 16 - in Nicosia and 11 - in the controlled areas of Famagusta.
Finally, 174 purchase and sale agreements were signed with non-EU nationals in October 2021. Of these: 75 – in Limassol, 43 - in Larnaca, 42 - in Paphos, 9 - in the free areas of Famagusta and 5 - in Nicosia.
By the way, the decision of Cyprus to close the Citizenship by Investment program continues to negatively affect the sale of real estate to citizens of non-EU countries. Perhaps new incentives to attract foreign companies will help change this situation.
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