The Department of Lands and Surveys released new data about the housing market in Cyprus in January 2023.
According to official statistics, the real estate sector of Cyprus continues to recover actively. Mainly due to the interest in Cypriot housing from foreign buyers.
So, in January 2023, 1,091 properties were sold on the island: 497 (46%) buyers were local, 594 (54%) were of foreign nations (150 (25%) were EU/EEA citizens, and 444 (75%) were third-country nationals).
It should be noted that for the first time since 2007, the total number of sales transactions with foreign citizens exceeded the number of contracts concluded with local buyers.
Domestic market
Real estate sales on the domestic market in January 2023 increased by 9% compared to the same month in 2021. In total, 497 housing purchase and sale agreements were signed with local residents against 455 a year earlier. This is the highest figure recorded since January 2012.
It should be noted that the actual sales figures in this category include a number of "non-sale" agreements, such as loan restructurings, repayments and debt-for-asset swaps, agreed between banks and defaulting borrowers as part of banks' efforts to reduce their NPL portfolios.
Sales of real estate to EU citizens
Real estate sales to EU citizens in January 2023 were down 32% compared to the same month in 2022. The total number of sales contracts is 150:
- 12 transactions were in Nicosia,
- 8 - controlled areas of Famagusta,
- 28 - Larnaca,
- 54 - Limassol,
- 48 - Paphos.
Sales of real estate to third country nationals
Real estate sales to third-country nationals in January 2023 increased by 148% compared to the same month in 2022. The total number of sales contracts is 444:
- 9 - in Nicosia,
- 26 - in controlled areas of Famagusta,
- 95 - in Larnaca,
- 156 - in Limassol,
- 158 - in Paphos.
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