Unstoppable growth in real estate sales continues

The constant demand for property in Cyprus continues in April, according to official statistics from the Department of Lands and Plots. The number of property sales increased by 27% compared to April last year. A total of 1,192 sales were made in April 2023, which is 27% more than in April 2022.

Although sales in Nicosia fell by 3% and remained stable in Famagusta compared to April 2022, they increased in the remaining three districts. Of the percentages, sales were leading in Paphos, followed by Limassol and Larnaca, with the highest number of sales (426) recorded in Limassol.

Comparison of total number of real estate transactions - 2022/2023

A comparison of property sales for the first four months of 2023 showed that sales reached the 4,766 mark, a 21% increase on the same period last year. With the exception of Nicosia, sales increased in all districts.

Market segment analysis

Domestic real estate sales

In April, domestic property sales increased by 12% year-on-year in April 2022, with the exception of Nicosia, which recorded a decrease of 18%.

Comparison of domestic sales - 2022/2023

Domestic sales for the first four months of 2023 totaled 1,868, up 12% from the same period last year.

Real estate sales to foreign buyers

Sales to foreign buyers (non-Cypriot nationals) increased by 50% compared to April 2022. Sales increased in all districts, with Limassol ranking first in terms of sales, followed by Paphos, Larnaca, Nicosia and Famagusta.

Real estate sales to foreign buyers - 2022/2023

Sales to foreign buyers in the first four months of 2023 totaled 2,622, up 37% from the same period last year.

Real estate sales to EU citizens

Sales to citizens of the European Union continue to decline, dropping by 23% compared to April 2022, with the exception of Nicosia. Paphos ranked first in the number of sales, followed by Limassol, Larnaca, Nicosia, and Famagusta.

Sales to EU citizens - 2022/2023 year

Sales to EU citizens in the first four months of 2023 amounted to 585, which is 28% less than in the first four months of last year.

Sales of real estate to non-EU citizens

Sales to non-EU citizens continue to grow steadily, increasing by 119% compared to April 2022. Sales have risen across all areas, with Limassol taking the lead in the number of sales, followed by Paphos, Larnaca, Nicosia, and Famagusta.

Sales of real estate to non-EU citizens - 2022/2023

Sales to non-EU citizens in the first four months of 2023 amounted to 1,677, which is twice as much as in the first four months of last year.