Paphos Property Boom: Overseas Buyers Take Center Stage

Overseas Odyssey in October

Paphos Property Boom – In the thrilling month of October alone, property sales to our global pals, both from the EU and beyond, soared by 9% compared to the same month last year. Every district was in on the action, except for Limassol, which saw a slight dip of 15%.

Paphos takes the lead in this property party with 186 sales, Limassol follows with 164, and the podium continues with Larnaca (121), Nicosia (44), and Famagusta (35).

2022 vs. 2023: A Property Rollercoaster

Fasten your seatbelts because the overseas real estate sales for the first ten months of 2023 hit a record-breaking 5,839, a dazzling 26% jump from the previous year’s 4,640. Non-EU citizens, in particular, flexed their buying power, contributing to 32% of the total sales in October, with a thrilling 20% increase from October 2022.

Non-EU Nationals Making Waves

Non-EU citizens are making waves in the property market, with sales rocketing by an astonishing 62% in the first ten months of 2023 compared to the same period in 2022. Nicosia might be the exception with a 16% drop in October sales, but the rest of the districts are dancing to a different tune, especially Limassol, leading the pack with a 63% surge.

EU Buyers: A Slight Dip

EU nationals seem to be taking it easy this year, with sales dropping by 11% in October compared to the previous year. Nicosia and Limassol are the rebels here, showing a commendable 47% and 16% increase, respectively. Paphos, Famagusta, and Larnaca, however, experienced a slight dip in their EU buyer numbers.

Coastal Charm: A Foreigner’s Delight

In the game of property preferences, the coastal charm wins hearts! An in-depth analysis of sales in the first ten months of 2023 reveals that overseas buyers can’t resist the allure of coastal areas. Paphos steals the show with a whopping 71% of total sales in the district, followed by Larnaca (47%), Limassol (46%), Famagusta (40%), and Nicosia bringing up the rear with 16% of sales.

Domestic Delight in October

While the international buyers are stealing the spotlight, our domestic pals aren’t lagging behind. Domestic sales in October soared by 14%, except for Limassol, where they experienced an 11% dip. Nicosia leads the way with 248 sales, trailed by Limassol (219), Larnaca (143), Paphos (89), and Famagusta (57).

Year-to-Date Domination

The domestic market continues its upward trajectory, with sales reaching a stellar 6,986 in the first ten months of 2023, marking a delightful 14% increase from the same period last year.