The Department of Lands and Surveys has published the latest data on residential property sales in Cyprus to local and foreign buyers for March 2025.
According to official statistics, the real estate sector in Cyprus continues to recover strongly. In March 2024, 1,491 residential units were sold in the island state.
Domestic property sales
Domestic property sales in March 2025 increased by 14% compared to the same month in 2024. Looking at the cities of Cyprus, this figure increased by 6% in Limassol, 7% in Larnaca, 26% in Nicosia, 27% in the free areas of Famagusta and 20% in Paphos.
In turn, property sales to Cypriots increased by 15% between January and March 2025. At the same time, the number of transactions during this period fell by 20% in Paphos, remained stable in the free areas of Famagusta and increased by 29%, 17% and 16% respectively in Larnaca, Limassol and Nicosia.
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 25 percent increase compared to March 2024. At the same time, sales increased in all Cypriot cities except Nicosia (-13%): in the free areas of Famagusta by 41%, in Larnaca by 39%, in Limassol by 21% and in Paphos by 52%.
Between January and March 2025, property sales to foreigners also increased by 15%. The best performances were recorded in Larnaca (+22%), Paphos (+16%) and Limassol (+14%). These were followed by the free areas of Famagusta (+9%) and Nicosia (+2%).
Property sales to EU nationals
Property sales to EU citizens increased by 16% in March 2025 compared to the same month in 2024. The increase was recorded in all Cypriot cities except Nicosia (-36%). In particular, the number of transactions increased by 27% in the free areas of Famagusta, 60% in Paphos, 65% in Larnaca and 10% in Limassol. Between January and March 2025, property sales to EU citizens also increased by 29%. The best performance was recorded in Paphos (+55%) and the free areas of Famagusta (+49%). Larnaca and Limassol followed with increases of 27% and 16% respectively. Nicosia was the only city where the number of transactions completed with EU citizens fell by 6% between January and February.
Residential property sales to third country nationals
Property sales to third country nationals in March 2025 increased by 30% compared to the same month in 2024. Looking at Cypriot cities, the figure increased by 26% in Limassol, 34% in Larnaca, 26% in Nicosia, 40% in the free areas of Famagusta and 31% in Paphos.
Finally, between January and March 2025, property sales to third country nationals increased by 10%. At the same time, the number of transactions in the free areas of Famagusta decreased by % during the same period. In the other four towns, the figures increased: by 20% in Larnaca, by 14% in Limassol, by 10% in Nicosia and by 3% in Paphos.