Sales to INE from EU citizens doubles

Property sales to non-EU foreign nationals more than doubled in the first two months of 2023 compared to the same period in 2022, official figures from the Land and Survey department indicate.

Speaking at the opening of the 5th real estate exhibition last Friday in Nicosia, head of the department Elikkos Elia said that non-EU citizens from Russia and the UK are the two largest groups of foreign nationals buying property on the island. However, sales figures for EU citizens went in the opposite direction, falling in the first two months. As we previously reported, the total number of real estate sales in February (measured by the number of closed contracts at real estate registration offices) reached 1,131, an 8% increase over February 2022 and the highest number since 2008.

Market Segment Analysis

Domestic real estate sales

Domestic property sales in February were up 3% y-o-y in February 2022, but with Nicosia and Limassol falling by 20% and 6% respectively. Limassol ranked first in the number of sales, followed by Nicosia, Larnaca, Paphos and Famagusta.

Domestic market sales - 2022/2023 comparison

Domestic sales in the first two months of 2023 totaled 1,153, up 5% from the 1,094 achieved in the same period last year.

Real estate sales to foreign nationals

Sales to foreigners (non-Cypriot citizens) increased by 69% compared to February 2022, with sales increasing in all areas except Famagusta and Nicosia, where they decreased by 30% and 7% respectively.

Outside real estate sales - 2022/2023 comparison

Outside real estate sales in the first two months of 2023 reached 1,069, up 31% from the 813 achieved in the same period last year.

Real estate sales to ES

Sales to EU citizens fell 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 sales (EU citizens) - 2022/2023 comparison

Sales to EU nationals in the first two months of 2023 totaled 267, down 37% from the 422 achieved in the first two months of last year.

Real estate sales to non-EU nationals.

Sales to non-EU nationals are up 69% on February 2022, with sales up in all areas. Limassol recorded the highest number of sales, followed by Paphos, Larnaca, Nicosia and Famagusta.

Foreign sales (non-EU citizens) - 2022/2023 comparison

Sales to non-EU nationals in the first two months of 2023 totaled 802, more than double the number (391) achieved in the first two months of last year.