Non-EU National Buyers Propel Cyprus Property Market Growth
Non-EU National Buyers Propel Property Market In Cyprus
In the latest report released by the Department of Lands and Surveys, it’s evident that non-EU national buyers are significantly impacting the property market in Cyprus. Foreign buyers, including non-EU nationals, played a substantial role, accounting for a notable 45% of all property sales in September. This represents a significant uptick from the previous month when they made up 30% of the total sales. This trend underscores a shifting landscape in the real estate market, with non-EU nationals becoming increasingly influential players.
Recent Property Purchase Data
The data reveals that property sales to non-EU nationals experienced a remarkable 34% surge compared to the figures from August 2022. They constituted 30% of the total sales for the month, with notable increases across various districts. Paphos recorded the highest number of sales, followed by Limassol, Larnaca, Nicosia, and Famagusta, which saw a surge of 54%, 38%, 25%, and 21%, respectively. However, Limassol was the sole district where property sales to non-EU nationals saw a slight decrease of 2% compared to the same period the previous year.
For the first nine months of 2023, property sales to non-EU nationals amounted to 3,813 transactions, marking a significant 68% increase when compared to the same period in 2022, where they recorded 2,275 sales.
In contrast, property sales to EU citizens continued to decline, with a 13% drop compared to September 2022. Limassol was the only district that saw an increase, with a rise of 34%. Larnaca remained stable, while Famagusta, Paphos, and Nicosia recorded a decrease of 45%, 30%, and 12%, respectively. In the first nine months of 2023, sales to EU nationals totaled 1,476, showing a 21% decrease from the 1,859 sales achieved in the same period the previous year.
When considering total property sales to the overseas market, sales to foreigners (comprising both EU and non-EU citizens) in September experienced a 9% increase compared to September 2022, despite the decline in sales to EU citizens. Sales increased in all districts, except for Famagusta, where they fell by 23%. Paphos led with the highest number of sales, followed by Limassol, Larnaca, Nicosia, and Famagusta.
The data emphasizes a distinct preference among foreign buyers for coastal areas of the island. Coastal districts have remained the favored choice for international property investment.
On the domestic front, property sales in September to the local market surged by 22% compared to September 2022, with the exception of Famagusta, which reported a decrease of 15%. Nicosia recorded the highest number of sales, followed by Limassol, Larnaca, Paphos, and Famagusta.
For the first nine months of 2023, domestic sale transactions amounted to 6,230, marking a 14% increase compared to the same period in 2022, which recorded 5,476 sales. The Real Estate Market in Cyprus appears to be witnessing significant shifts in buyer demographics and preferences, with non-EU national buyers taking a prominent role in the market’s dynamics.
Credit for the original article: Nigel Howarth
