The beginning of 2021 in the Cyprus property market was marked by a sharp decline in interest from foreign investors.
After the cancelling of the investment program, as well as due to the coronavirus pandemic, home sales across Cyprus in January 2021 decreased by 48%, compared to the same period in 2020.
According to official statistics published by the Department of Lands and Surveys, the number of transactions in Paphos over the corresponding period fell by 65%, in Larnaca - by 62%, in Famagusta - by 43%, and in Limassol - by 30 %. An increase (16%) was recorded only in Nicosia.
Sales to EU citizens
The amount of deals with the Europeans decreased by 36% in January 2021 compared to January 2020. Sales in Larnaca dropped 67%, Paphos fell 45%, and Limassol and Famagusta dropped 36% and 17%, respectively. In Nicosia, the number of transactions with the EU citizens in January 2021, on the contrary, increased by 67%.
In total, in January 2021, 67 transactions were concluded with citizens of the EU member states. In cities, it looked like this:
- in Nicosia: 15 sales contracts were signed;
- in Limassol: 18 sales contracts were signed;
- in Famagusta: 5 contracts of purchase and sale were signed;
- 7 sales contracts were signed in Larnaca;
- in Paphos: 22 sales contracts were signed.
Sale to third country nationals
Real estate sales to third-country nationals fell by 54% in January 2021 compared to the same month last year. The most significant drop was recorded in Paphos (75%), in Larnaca (60%), and in Famagusta (47%). In turn, real estate sales to third-country nationals in Nicosia and Limassol fell by 30%.
In total, 101 transactions were concluded with third-country nationals in January 2021. In cities, it looked like this:
- 7 sales contracts were signed in Nicosia;
- 38 sales contracts were signed in Limassol;
- in Famagusta: 18 sales contracts were signed;
- in Larnaca: 20 sales contracts were signed;
- in Paphos: 18 sales contracts were signed.