Is the real estate market, still hot, starting to cool down?
2022/2023 comparison.
Domestic property sales in July were up 6% year-on-year in 2022, but Paphos, Famagusta and Nicosia saw falls of 23%, 3% and 2% respectively. Limassol claimed the highest number of sales (247), followed by Nicosia (221), Larnaca (175), Paphos (72) and Famagusta (32).
Comparison of domestic sales - 2022/2023.
Domestic sales in the first seven months of 2023 totaled 4,859, 12% higher than the 4,338 achieved in the same period last year. However, these figures may include informal 'non-deal' arrangements such as loan restructurings, collections and debt-for-asset swaps negotiated between financial institutions and insolvent borrowers in an attempt by banks''to reduce their problem loan portfolios.
Sales of real estate abroadSales to foreigners (non-Cypriots) have increased by 19% compared to July 2022, with sales increasing in all districts. Paphos recorded the highest number of sales (214), followed by Limassol (182), Larnaca (151), Nicosia (39) and Famagusta (29).
Comparison of overseas sales - 2022/2023.
Sales to overseas property buyers in the first seven months of 2023 totaled 4,192, up 33% from 3,143 in the same period last year.
Sales of real estate to ES
nationalsSales to EU nationals continue to decline, down 20% on''in the first seven months of 2023 totaled 3,044, up 83% from 1,166 in the same period last year.
Sales to foreigners (non-Cypriots) have increased by 19% compared to July 2022, with sales increasing in all districts. Paphos recorded the highest number of sales (214), followed by Limassol (182), Larnaca (151), Nicosia (39) and Famagusta (29).
Comparison of overseas sales - 2022/2023.
Sales to overseas property buyers in the first seven months of 2023 totaled 4,192, up 33% from 3,143 in the same period last year.
Sales of real estate to ES
nationalsSales to EU nationals continue to decline, down 20% on''in the first seven months of 2023 totaled 3,044, up 83% from 1,166 in the same period last year.
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