The Department of Lands and Surveys has released the latest data on housing sales in Cyprus to local and foreign buyers for February 2024.
According to official statistics, 1,284 housing units were sold in the island nation in the second month of the new year. Of these: 772 (60%) transactions went to local buyers and 512 (40%) to foreign investors.
Real estate sales in the domestic market
Domestic real estate sales in February 2024 increased by 18% compared to the same month in 2023. A total of 772 home sales contracts were signed with local residents. At the same time, compared to the same month in 2023, the number of transactions increased in Paphos (+60%), Nicosia (+48%) and Larnaca (+11%). Limassol and the vacant neighborhoods of Famagusta showed negative dynamics. The number of sales in these cities decreased by 4% and 39%, respectively.
One has to take into account that the real sales figures in this category include a certain number of "non-sale" agreements such as loan restructuring, 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 separately publish these figures.
In the first two months of 2024, domestic sales increased by 19% compared to the same period in 2023. With the exception of the vacant areas of Famagusta, where a 30% drop was recorded, sales in the rest of the areas increased.
Real estate sales to foreign investors
As for transactions with foreign investors, they increased by 8% compared to February 2023. Meanwhile, sales increased in all Cypriot cities except Limassol (-7%) and Paphos (-6%), where there was a negative trend. In Larnaca sales increased by 44%, in Nicosia by 65% and in the free areas of Famagusta by 34%. A total of 512 real estate sales contracts were concluded with foreigners in January 2024. In January-February 2024, real estate sales to foreigners decreased by 10% compared to the same period last year.
Real estate sales to EU citizens
Real estate sales to EU citizens in February 2024 increased by 26% compared to the same month in 2023. At the same time, sales increased in all cities on the island: in Famagusta by 55%, in Nicosia and Limassol by 42%, in Larnaca by 16% and in Paphos by 14%. However, in the first two months of this year, sales to EU citizens fell by 3% compared to the same period last year.
Real estate sales to third country nationals
Real estate sales to third country nationals in February 2024 were up 2% compared to the same period in 2023. Looking more closely by city, demand decreased for housing in Limassol and Paphos by 14% and 13% respectively. Interest from third country nationals increased for residential properties in Larnaca, Nicosia and the free areas of Famagusta by 42%, 47% and 75% respectively. In the first two months of 2024, the number of transactions with non-EU nationals fell by 12% compared to the same period last year, with Limassol and Paphos recording the largest reduction in contracts.