The Department of Lands and Surveys has released the latest data on house sales in Cyprus to local and foreign buyers for the month of February 2025.
According to official statistics, the real estate sector in Cyprus continues to recover strongly.
Domestic property sales
Domestic property sales in February 2025 increased by 6% compared to the same month in 2024. Looking at the cities of Cyprus, this figure increased by 1% in Limassol, 64% in Larnaca, 8% in Nicosia, but decreased by 32% in the free areas of Famagusta and by 30% in Paphos.
Conversely, in the first two months of 2025, sales in Paphos and the free areas of Famagusta fell by 18% and 15% respectively, but rose by 43% in Larnaca, 23% in Limassol and 13% in Nicosia.
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.
Property sales to foreign investors
Transactions with overseas investors increased by 8% compared to February 2024. At the same time, sales increased in all Cypriot towns except the free areas of Famagusta (-18%), by 38% in Nicosia, by 9% in Larnaca, by 6% in Limassol and by 9% in Paphos.
Between January and February 2025, the volume of transactions with foreigners increased by 10% compared to the previous year. Positive dynamics were recorded in all Cypriot cities. Sales rose by 14% in Nicosia, 13% in Larnaca, 13% in the free areas of Famagusta, 11% in Limassol and 6% in Paphos.
Property sales to EU nationals
Property sales to EU nationals in February 2025 increased by 31% compared to the same month in 2024. The increase was recorded in all Cypriot cities. In particular, the number of transactions increased by 29% in the free areas of Famagusta, 32% in Paphos, 41% in Nicosia, 30% in Limassol and 25% in Larnaca.
In the first two months of 2025, sales to EU nationals increased by 37% compared to the same period last year, with positive trends recorded in all districts. Sales increased by 105% in the vacant districts of Famagusta, 52% in Paphos, 32% in Nicosia, 19% in Limassol and 11% in Larnaca.
Sales of properties to third country nationals
Sales of properties to third country nationals in February 2025 decreased by 1% compared to the same month in 2024. In this category, two Cypriot cities recorded a decrease, Paphos (-2%) and the free areas of Famagusta (-57%). Limassol (+1%), Nicosia (+36%) and Larnaca (+2%) recorded increases.
Between January and February, property sales to non-EU nationals remained virtually unchanged compared to the same period last year. Although sales in the free zones of Famagusta and Paphos fell by 38% and 9% respectively, they rose by 13% in Larnaca, 8% in Limassol and 2% in Nicosia.