Property sales in Cyprus to EU citizens shows recovery

After a challenging period, recent analyses released by the Department of Lands and Surveys suggest a potential turnaround in property sales to EU nationals in Cyprus.

Sales to domestic (Cypriot) market

Property sales to the domestic market had an important rise in February 2024, with 772 transactions, an increase of 18% over the same time the previous year. This increase was responsible for 60% of the month's total sales.

While Famagusta and Limassol experienced declines of 39% and 4%, respectively, compared to the previous year, these decreases were offset by significant rises of 60% in Paphos, 48% in Nicosia, and 11% in Larnaca.

For the first two months of 2024, property sales to the domestic market rose by 19%, excluding Famagusta, which saw a 30% decline.

Sales to the overseas market

February 2024 recorded an overall 8% increase in property sales to the overseas market (both EU and non-EU citizens) compared to the same period in 2023. Sales increased in all districts except for Limassol and Paphos, which experienced declines of 7% and 6%, respectively.

Sales increased in Famagusta by 65%, Nicosia by 44%, and Larnaca by 34%. However, the first two months of 2024 saw a 10% decrease in sales to the overseas market compared to the previous year.

Sales to EU citizens

Notably, sales to EU nationals spiked by 26% in February 2024, constituting 11% of the total sales for the month (1,284 transactions). This increase signals a potential recovery following a period of disappointing results.

All districts experienced growth in sales to EU citizens, with Famagusta leading with a 55% increase, followed by Nicosia and Limassol with 42%, Larnaca with 16%, and Paphos with 14%. However, the overall sales to EU nationals for the first two months of 2024 showed a 3% decrease compared to the same period last year.

Sales to non-EU citizens

February 2024 had a modest 2% rise in property sales to non-EU citizens compared to the previous year, accounting for 28% of the total sales for the month (1,284 transactions).

Surprisingly, sales in Limassol and Paphos, typically favored by foreign buyers, declined by 14% and 13%, respectively, possibly due to higher prices. Conversely, Famagusta and Larnaca saw remarkable increases of 75% and 42%, respectively, while Nicosia experienced a 47% rise.

In the first two months of 2024, sales to non-EU nationals saw a 12% decrease compared to the same period last year, with Limassol and Paphos witnessing the most significant declines.