The Department of Lands and Surveys has published new data on the sales of residential properties in Cyprus to local and foreign buyers for the period September to December.
According to official statistics, the momentum of the real estate sector in Cyprus has slowed down. A total of 1,289 housing units were sold in the island state. Of these: 759 transactions (59%) were made by local buyers and 530 by foreign investors. Of the 530 properties bought by foreigners, 171 went to EU nationals and 359 to non-EU nationals.
Domestic property sales
Domestic property sales in September 2024 increased by 4% compared to the same month in 2023. A total of 759 purchase contracts were signed with residents, compared to 732 a year earlier.
Looking at the Cypriot cities, Nicosia (261) was the leader in terms of the number of transactions concluded with Cypriots in September 2024, followed by Limassol (253), Larnaca (127), Paphos (81) and the free neighbourhoods of Famagusta (37). Meanwhile, compared to the same month in 2023, the number of transactions increased in Limassol (+16%) and Nicosia (+14%). Negative dynamics were recorded in Paphos (-6%), Larnaca (-20%) and the free areas of Famagusta (-10%).
In turn, the total number of transactions with local buyers from January to September 2024 was 7,053 (+13%) compared to 6,230 in the same period of 2023. In Limassol, 2,354 units were sold in 9 months against 2,068 in the same period last year, in Nicosia - 2,202 units against 1,846, in Larnaca - 1,372 units against 1,234, in Paphos - 813 units against 744, in the free areas of Famagusta - 312 units versust 338.
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.
Sales to foreign investors
Transactions with foreign investors fell by 12% compared to September 2023. Negative dynamics were recorded in all Cypriot cities, with the exception of the free areas of Famagusta (+61%). In Nicosia, sales fell by 21%, in Larnaca by 5%, in Paphos by 9% and in Limassol by 28%. A total of 530 property purchase contracts were concluded with foreigners, compared to 604 a year earlier.
Looking at the cities, Paphos (185) took the lead in terms of the number of transactions concluded with foreigners in September. It is followed by Limassol (139), Larnaca (132), Nicosia (37) and the free areas of Famagusta (37).
The total number of sales contracts from January to September 2024 was 4,581. Of these: 1,469 transactions in Paphos, 1,337 in Limassol, 1,125 in Larnaca, 259 in the free neighbourhoods of Famagusta and 391 in Nicosia. In the first 9 months of 2024, the number of transactions with foreigners fell by 13%.
Property sales to EU nationals
Property sales to EU nationals in September 2024 fell by 3% compared with the same period in 2023. The total number of sales contracts was 171, compared to 176 a year earlier. Of these:
18 transactions were in Nicosia,
14 in the vacant areas of Famagusta,
39 in Larnaca,
42 in Limassol,
58 in Paphos.
Between January and September 2024, sales to EU citizens decreased by %. The total number of transactions was 1,389. Negative dynamics were recorded in all Cypriot towns except the free areas of Famagusta (+17%) and Larnaca (+26%). In Nicosia, sales fell by 18%, in Paphos by 3% and in Limassol by 18%. A total of 171 property sales contracts were concluded with foreigners, compared to 176 a year earlier. From January to September 2024, 338 sales transactions were registered in Limassol, 454 in Paphos, 186 in Nicosia, 299 in Larnaca and 112 in the free areas of Famagusta.
Sales to third country nationals
Property sales to third country nationals in September 2024 also fell by 16% compared to the same period in 2023. The total number of sales contracts was 359, compared with 428 a year earlier. Of these:
- 19 transactions were in Nicosia,
- 23 in the vacant areas of Famagusta,
- 93 in Larnaca,
- 97 in Limassol,
- 127 in Paphos.
Between January and September 2024, sales fell by %. The total number of transactions was 3,192. At the same time, only in Nicosia did house sales increase by 24%. Specifically, between January and September 2024, 205 sales transactions were recorded in the capital of Cyprus, 999 in Limassol, 826 in Larnaca, 1 015 in Paphos and 147 in the free areas of Famagusta.