Property Sales in Cyprus: November Update and Year-to-Date Analysis
Property Sales in Cyprus: November Update and Year-to-Date Analysis
November Sales Overview
Recent statistics from the Department of Lands and Surveys reveal a 9% year-on-year increase in property sales across Cyprus during November. The total number of sales contracts deposited in the Land Registry offices of the island’s free areas rose to 1,506, compared to 1,386 in November of the previous year.
While most districts reported growth, Paphos recorded a slight 3% decline in sales. Significant increases were observed in Limassol (19%), Nicosia (5%), Famagusta (8%), and Larnaca (1%).
Year-to-Date Performance
From January to November 2024, property sales have increased by 2% compared to the same period in 2023. This growth positions the market to potentially achieve its highest sales volume since 2008. Nicosia and Larnaca have driven this increase, with substantial gains in these districts.
| District | 2023 | 2024 |
|---|---|---|
| Nicosia | 2,730 | 3,212 |
| Famagusta | 732 | 708 |
| Larnaca | 2,920 | 3,093 |
| Limassol | 4,654 | 4,604 |
| Paphos | 3,175 | 2,841 |
Domestic Market Insights
Domestic sales in November rose by 8% year-on-year, reaching 914 transactions. Gains in Limassol and Nicosia offset declines in Famagusta, Larnaca, and Paphos. Over the first 11 months of 2024, domestic sales climbed 11%, totaling 8,728 contracts. All districts, except Famagusta (-15%), experienced growth.
| District | 2023 | 2024 |
|---|---|---|
| Nicosia | 2,337 | 2,738 |
| Famagusta | 444 | 378 |
| Larnaca | 1,567 | 1,672 |
| Limassol | 2,530 | 2,927 |
| Paphos | 956 | 1,013 |
Foreign Market Overview
Sales to foreign buyers (EU and non-EU) reached 592 in November, a 10% increase from the previous year. Year-to-date, however, foreign sales declined by 10%, with notable decreases in Limassol (-21%) and Paphos (-18%), as foreign buyers gravitate toward lower-priced coastal areas and Nicosia.
EU Buyers
Sales to EU citizens rose by 22% in November but showed a slight 3% decline for the year due to lower activity in Paphos (-12%) and Limassol (-11%).
Non-EU Buyers
Non-EU sales in November increased by 5%, led by sharp rises in Nicosia (85%), Famagusta (56%), and Larnaca (49%). However, annual sales for this segment dropped by 13%, reflecting lower demand in Limassol and Paphos.
Conclusion
The Cypriot property market continues to show resilience, with domestic sales driving growth and selective activity in the foreign market. Regional preferences remain diverse, with each district showcasing unique strengths in attracting different buyer segments.
Article was inspired by Nigel Howarth.
