The Department of Lands and Surveys has released fresh data on housing sales in Cyprus to local and foreign buyers for March 2024.
According to official statistics, 1,257 housing units were sold in the island nation in the third month of the new year. Of these: 773 (61%) transactions went to local buyers and 484 (39%) to foreign investors.
Real estate sales in the domestic market
Domestic real estate sales in March 2024 increased by 8% compared to the same month in 2023. A total of 773 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 Nicosia (+38%) and Larnaca (+17%). In Limassol, Paphos and free neighborhoods of Famagusta there was negative dynamics. The number of sales in these cities decreased by 1%, 6% and 25%, respectively.
One has to take into account that the real sales figures in this category include some 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 separately publish these figures.
In the first three months of 2024, domestic sales increased by 8% compared to the same period in 2023. Except for the free areas of Famagusta, which recorded a 28% drop, sales in the remaining areas rose: in Nicosia by 37%, in Limassol by 6%, in Larnaca by 16% and in Paphos by 13%.
Real estate sales to foreign investors
As for transactions with foreign investors, they fell by 24% compared to March 2023. The only area where growth was recorded was Nicosia (+72%). Negative dynamics were observed in Limassol (-35%), Paphos (-37%), Larnaca (-4%). A total of 484 real estate sale and purchase agreements were concluded with foreigners in March 2024. In January-March 2024, real estate sales to foreigners decreased by 15% compared to the same period last year. In Nicosia the number of transactions increased by 68%, while in Limassol, Larnaca, Paphos fell by 29%, 4% and 21% respectively.
Real estate sales to EU citizens
Real estate sales to EU citizens in March 2024 decreased by 12% compared to the same month in 2023. Meanwhile, sales in Nicosia and the free areas of Famagusta rose by 77% and 50% respectively, while sales in Larnaca, Paphos and Limassol fell by 43%, 35% and 9% respectively. In the first three months of this year, sales to EU nationals fell by 6% compared to the same period last year. In Nicosia, the number of transactions rose by 52% and in the free areas of Famagusta by 21%. In Limassol, Larnaca, Paphos the volume of transactions fell by 8%, 20% and 18% respectively.
Real estate sales to third-country nationals
Real estate sales to third-country nationals in March 2024 fell by 29% compared to the same period in 2023. Looking more closely by city, demand fell for housing in Limassol, Paphos and the vacant areas of Famagusta by 41%, 38%, 33% respectively. Interest from third-country nationals increased for residential properties in Larnaca and Nicosia by 2% and 87% respectively. In the first three months of 2024, the number of transactions with non-EU nationals fell by 18% compared to the same period last year, with Limassol (-34%) and Paphos (-22%) recording the largest reduction in contracts. Also, negative dynamics were observed in the free areas of Famagusta (-11%). Only in Nicosia (+87%) and Larnaca (+2%) there was an increase in the number of concluded contracts.