Cyprus property sales decline by 3% in January 2024

Property sales in Cyprus experienced a slight decline of 3% in January 2024 compared to the same period last year, according to official statistics released by the Department of Lands and Surveys.

The total number of property sales contracts deposited at Land Registry offices across the island reached 1,056, down from 1,091 in January 2023. Despite this decrease, January marked only the fifth time in the past nineteen years that property sales surpassed 1,000.

Notably, Nicosia was the sole district to see an increase in sales, rising by 40% compared to January 2023, reaching 244 from 174. However, sales declined in the other four districts, with Famagusta experiencing a 30% drop, Paphos down by 16%, Limassol by 9%, and Larnaca by 4%.

Analyzing the market segments, sales to the domestic (Cypriot) market increased by 21% compared to the previous January, constituting 57% of total sales for the month. Limassol saw a significant rise of 39%, followed by Nicosia with 33% and Larnaca with 19%, while Famagusta and Paphos experienced decreases of 9% and 20% respectively. Meanwhile, sales to the overseas market, including both EU and non-EU citizens, decreased by 3% overall.

Sales to EU citizens fell by 25% compared to January 2023, accounting for 11% of total sales. Only Nicosia saw an increase, while the other districts experienced declines ranging from 25% to 63%. Similarly, sales to non-EU citizens decreased by 23%, constituting 32% of total sales. Apart from Nicosia, where sales surged by 189%, all other districts recorded declines, with Limassol seeing the largest decrease at 45%.

Looking at overseas market preferences, coastal areas remained popular among foreign buyers. Paphos led the way with overseas buyers accounting for 73% of total sales, followed by Larnaca (44%), Famagusta (48%), Limassol (40%), and Nicosia (16%).