The Department of Lands and Surveys has published new data on the sales of residential properties in Cyprus to local and foreign buyers for December 2024.
According to official statistics, a total of 1,339 residential units were sold in the island state during the month. Of these: 841 transactions (63%) went to local buyers and 498 (37%) to foreign investors. Of the 498 properties purchased by foreigners, 164 were bought by EU nationals and 334 by third-country nationals.
Domestic property sales
Domestic property sales in December 2024 increased by 1% compared to the same month in 2023. A total of 841 house purchase contracts were signed with locals, compared to 833 a year earlier.
Looking at Cypriot cities, Limassol was the leader in terms of the number of contracts signed with Cypriots in December 2024 (312), followed by Nicosia (267), Larnaca (148), Paphos (74) and the free areas of Famagusta (40). Meanwhile, compared to the same month in 2023, the number of transactions increased in Limassol (+29%), Larnaca (+2%) and Paphos (+10%). Negative dynamics were recorded in Nicosia (-19%) and the free areas of Famagusta (-22%).
In turn, the total number of transactions with local buyers for the whole of 2024 was 9,569 (+10%) compared to 8,667 for the same period in 2023. In Limassol, 3,239 units were sold in 12 months against 2,772 in the same period last year, in Nicosia - 3,005 units against 2,665, in Larnaca - 1,820 units against 1,712, in Paphos - 1,087 units against 1,023, in the free neighbourhoods of Famagusta - 418 units against 495.
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, there was a decrease of % compared to December 2023. Only Nicosia and Paphos recorded positive dynamics, with sales increasing by 2% and 47% respectively. The number of transactions fell in Limassol (-41%), Larnaca (-4%) and the free areas of Famagusta (-7%). A total of 498 property purchase contracts were concluded with foreigners, compared to 523 a year earlier.
Looking at the cities, Paphos (192) took the lead in terms of the number of transactions concluded with foreigners in December. It is followed by Limassol (116), Larnaca (115), Nicosia (48) and the free areas of Famagusta (27).
The total number of sales contracts from January to December 2024 was 6,228. Of these: 2,020 transactions in Paphos, 1,793 in Limassol, 1,536 in Larnaca, 357 in the free neighbourhoods of Famagusta and 522 in Nicosia. In the 12 months to 2024, the number of sales transactions with foreigners decreased by 10%.
Property sales to EU nationals
Property sales to EU nationals in December 2024 decreased by 5% compared to the same period in 2023. The total number of sales contracts was 164, compared with 173 a year earlier. Of these:
- 26 transactions were in Nicosia,
- 12 in the free areas of Famagusta,
- 28 in Larnaca,
- 33 in Limassol,
- 65 in Paphos.
Over the year, sales to EU nationals decreased by %. The total number of transactions was 1,907 compared to 1,962 in the previous year. Negative dynamics were recorded in Limassol (-13%) and Paphos (-8%), while positive dynamics were recorded in Larnaca (+6%), Nicosia (+10%) and the free areas of Famagusta (+22%). From January to December 2024, 459 sales transactions were registered in Limassol, 647 in Paphos, 251 in Nicosia, 400 in Larnaca and 150 in the free areas of Famagusta.
Sales to third-country nationals
Property sales to third-country nationals in December 2024 also fell by % compared to the same month in 2023. The total number of sales contracts was 334 compared to 350 a year earlier. Of these:
- 22 transactions were in Nicosia,
- 15 in the free areas of Famagusta
- 87 in Larnaca,
- 83 in Limassol,
- 127 in Paphos.
Between January and December 2024, sales fell by 12%. The total number of transactions was 4,321. In the capital of Cyprus, 271 sales transactions were registered in the 12 months of 2024, 1,334 sales transactions in Limassol, 1,136 sales transactions in Larnaca, 1,373 sales transactions in Paphos and 207 sales transactions in the free areas of Famagusta.