The Department of Lands and Surveys has released the latest data on housing sales in Cyprus to local and foreign buyers for January 2023.
According to official statistics, 1,056 housing units were sold in the island nation in the first month of the new year. Of these: 601 (57%) of the transaction came from local buyers and 455 (46%) from foreign investors. In turn, of the 455 properties bought by foreigners, 113 (11%) were for EU citizens, and 342 (32%) - citizens of third countries.
Real estate sales on the domestic market
Domestic real estate sales in January 2024 increased by 21% compared to the same month in 2023. A total of 601 residential sales contracts were signed with local residents. If we look at the cities of Cyprus, the leader in the number of concluded transactions was Nicosia (204), followed by Limassol (189), Larnaca (121), Paphos (66) and the free neighborhoods of Famagusta (21). Meanwhile, compared to the same month in 2023, the number of transactions increased in Limassol (+39%), Nicosia (+33%) and Larnaca (+19%). Paphos and the vacant neighborhoods of Famagusta showed negative dynamics. The number of sales in these cities decreased by 20% and 9% 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 bank's efforts to reduce their NPL portfolios. Unfortunately, the Department of Lands and Surveys does not separately publish these figures.
Real estate sales to foreign investors
As for transactions with foreign investors, they were down 3% compared to January 2023. Meanwhile, sales fell in all Cypriot cities except Nicosia. A total of 455 real estate sales contracts were concluded with foreigners in January 2024.
If we look at the cities, the first line on the number of concluded transactions with foreigners in January was Paphos (176). It is followed by Limassol (126), Larnaca (94), Nicosia (40) and the free neighborhoods of Famagusta (19). It is worth noting that in January sales increased only in Nicosia by 40%. Negative dynamics was observed in Limassol (-9%), Paphos (-16%), Larnaca (-4%) and free neighborhoods of Famagusta (-30%).
Real estate sales to EU citizens
Real estate sales to EU citizens in January 2024 fell by 25% compared to the same month in 2023. The total number of sales contracts amounted to 113. Of these:
- 14 transactions were in Nicosia,
- 3 in the free neighborhoods of Famagusta,
- 20 in Larnaca,
- 40 - on Limassol,
- 36 - on Paphos.
Meanwhile, housing sales fell in all areas of the country except Nicosia (+17%). Sales fell by 63% in the vacant areas of Famagusta, by 29% in Larnaca, by 26% in Limassol and by 25% in Paphos.
Real estate sales to third-country nationals
Real estate sales to third-country nationals in January 2024 increased by 59% compared to the same period in 2023. The total number of sales contracts amounted to 342. Of these:
- 26 transactions were in Nicosia,
- 16 in the free neighborhoods of Famagusta,
- 74 in Larnaca,
- 86 - on Limassol,
- 140 - in Paphos.
Meanwhile, housing sales fell in all areas of the country except Nicosia, where they rose by a record 189%. Sales were down 45% in Limassol, 38% in the vacant areas of Famagusta, 22% in Larnaca and 11% in Paphos.
