Sales for non-EU citizens are doubling.

The sale of real estate to non-residents of the European Union more than doubled in the first two months of 2023 compared to the same period in 2022, according to official data from the Department of Land and Surveys. Speaking at the opening of the 5th real estate exhibition last Friday in Nicosia, the head of the department, Elikkos Elia, noted that non-residents from Russia and the UK are the two largest groups of foreign citizens purchasing property on the island. However, real estate sales to EU citizens have gone in the opposite direction, decreasing in the first two months. As we reported earlier, the total number of property sales in February (measured by the number of contracts signed and registered in the land registry offices) reached 1,131, which is an 8% increase compared to February 2022 and the highest figure since 2008.

Market segment analysis

Domestic real estate sales

Real estate sales in the domestic market increased by 3% in February compared to February 2022; however, Nicosia and Limassol reported declines of 20% and 6%, respectively. Limassol ranked first in the number of sales, followed by Nicosia, Larnaca, Paphos, and Famagusta. Domestic market transactions - comparison of 2022/2023. Sales in the domestic market during the first two months of 2023 amounted to 1,153, which is 5% higher than the same period last year.

Real estate sales to foreign citizens

Sales to foreigners (non-residents of Cyprus) increased by 69% compared to February 2022, with sales rising in all areas except Famagusta and Nicosia, where they decreased by 30% and 7% respectively. Paphos ranked first in the number of sales, followed by Limassol, Larnaca, Nicosia, and Famagusta.

Sales of real estate to citizens of the European Union

Sales to EU citizens decreased by 42% compared to February 2022, with sales falling in all areas except Larnaca. Paphos ranked first in the number of sales, followed by Larnaca, Limassol, Nicosia, and Famagusta. Foreign (EU) transactions - comparison of 2022/2023. Sales to EU citizens in the first two months of 2023 amounted to 267, which is 37% less than in the first two months of last year.

Sales of real estate to non-residents of the European Union

Sales to non-residents of the European Union increased by 69% compared to February 2022, with sales rising in all regions. Limassol ranked first in the number of sales, followed by Paphos, Larnaca, Nicosia, and Famagusta. Foreign (non-EU residents) transactions - comparison of 2022/2023. Sales to non-residents of the European Union in the first two months of 2023 amounted to 802, which is more than double the number (391) achieved in the first two months of last year.