Real estate market attracts unauthorized EU citizens

The latest Land and Survey department sales figures show that non-EU nationals are driving the property market, with foreign buyers accounting for 45% of sales in September, up from 30% in August.

Market segment analysis

Property sales to non-EU citizens rose by 34% compared to August 2022 and accounted for 30% of the total number of sales made during the month. With the exception of Limassol, where sales in September were down 2% compared to the same month last year, they were up 54% in Paphos, 38% in Famagusta, 25% in Nicosia and 21% in Larnaca. The highest number of sales was recorded in Paphos, followed by Limassol, Larnaca, Nicosia and Famagusta.

Overseas (non-EU citizens) real estate transactions - 2022/2023 comparison.

Sales to non-EU citizens in the first nine months of 2023 totaled 3,813, 68% more than the 2,275 achieved in the first nine months of 2022.

Real estate sales to EU citizens

Sales to EU citizens continue to decline, falling by 13% compared to September 2022. Limassol, where sales increased by 34%, was the only area that did not succumb to this trend.

Overseas (EU citizens) real estate transactions - 2022/2023 comparison.

Sales to EU citizens in the first nine months of 2023 totaled 1,476, down 21% from the 1,859 achieved in the same period last year.

Total volume of real estate sales in the foreign market

Sales to foreigners (both EU citizens and non-EU citizens) increased by 9% in September compared to September 2022, despite a 13% decrease in sales to EU citizens. Sales increased in all districts except Famagusta, where they decreased by 23%. The highest number of sales was recorded in Paphos (203), followed by Limassol (192), Larnaca (139), Nicosia (47) and finally Famagusta (47).

Real estate sales in the overseas market - 2022/2023 comparison.

Overseas real estate sales for the first nine months of 2023 totaled 5,289, up 28% from the 4,134 achieved in the same period last year.

Foreign market preferences

Analysis of real estate sales in the overseas market for the first nine months of 2023 shows that foreign buyers prefer to purchase property on the coast of the island.

Domestic real estate sales

Domestic property sales in September increased by 22% compared to September 2022, but Famagusta recorded a 15% decrease. Nicosia recorded the highest number of sales (228), followed by Limassol (218), Larnaca (159), Paphos (85) and Famagusta (41).

Domestic transactions - 2022/2023 comparison.

Domestic sales for the first nine months of 2023 totaled 6,230, up 14% from the 5,476 achieved in the same period last year.