Is the real estate market cooling off?

Official data from the Land and Survey Department shows that Cyprus' property market may be slowing down, although the number of property sales in November was the highest since 2007.

A total of 1,293 property sale and purchase contracts were registered at the offices of the Real Estate Registry across Cyprus in November, compared to 1,149 in the same month last year, an increase of 13%.

The number of sales in Nicosia fell for the second month in a row, while sales in Famagusta and Larnaca also declined. But these declines were offset by increased sales in Limassol and Paphos, which are the most popular areas among foreign buyers.

In terms of the number of sales, Limassol leads with 465 sales, followed by Paphos (317), Nicosia (242), Larnaca (196) and Famagusta with 73 sales.

Total number of real estate sales - 2021/2022 comparison. In the first eleven months of 2022, 12,074 contracts were registered in the offices of the Real Estate Registry, an increase of 33% compared to the 9,063 registered in the same period of 2021, with the number of sales reaching the highest level since 2008.

Domestic real estate sales.

Domestic real estate sales in November, measured by the number of registered sales contracts at the offices of the Real Estate Registry, fell by 6% compared to November 2021, with sales in Nicosia, Famagusta and Larnaca also down.

Nicosia showed the highest number of sales, followed by Limassol, Paphos, Larnaca and Famagusta.

The comparison of domestic sales is 2021/2022.

Property sales to foreign buyers.

Sales to foreigners (non-Cypriot citizens) increased by 39% compared to November 2021, with sales increasing in all districts except Nicosia and Famagusta, where they decreased by 42% and 21% respectively.

Limassol posted the highest number of sales, followed by Paphos, Larnaca, Famagusta and Nicosia.

Sales to foreign buyers in the first eleven months of 2022 reached 5,283, an increase of 67% compared to the 3,169 achieved in the same period last year.

Real estate sales to EU citizens.

Sales to EU citizens increased by 13% compared to November 2021, despite a decrease in the number of sales in Nicosia and Larnaca.

Pafos posted the highest number of sales, followed by Limassol, Larnaca, Famagusta and Nicosia.

Comparison of sales to foreign buyers from the European Union - 2021/2022. Real estate sales to foreign buyers from the European Union reached 2,309 in the first eleven months of 2022, an increase of 47% from the 1,571 achieved in the same period last year.

Real estate sales to non-EU citizens.

Sales to non-EU citizens increased by 68% compared to November 2021, although sales declined in Nicosia and Famagusta.

Limassol posted the highest number of sales, followed by Paphos, Larnaca, Nicosia and Famagusta.

Comparison of sales to foreign non-citizens - 2021/2022. Real estate sales to foreign non-citizens in the first eleven months of 2022 reached 2,975, an increase of 86% from the 1,598 achieved in the same period last year.