Property sales in Paphos are dominated by foreign buyers.

The latest sales figures from the Land and Research Department show that foreign buyers account for almost three quarters of total property sales in Paphos until the end of October.

Analysis of the market segment

Property sales to foreign buyers

The total number of real estate sales to foreign buyers (EU and non-EU citizens) in October increased by 9% compared to October 2022. Sales rose in all areas except Limassol, where they fell by 15%. Paphos recorded the highest number of sales (186), followed by Limassol (164), Larnaca (121), Nicosia (44) and finally Famagusta (35).

Real estate sales to foreign buyers - comparison 2022/2023

Sales''foreignreal estate sales for the first ten months of 2023 reached 5,839; this is an increase of 26% from 4,640 for the same period last year.

Sales of real estate to non-EastAG citizens/strong>

Sales to non-EU citizens are up 20% on October 2022, accounting for 32% of total sales this month. With the exception of Nicosia, where sales in October were down 16% compared to the same month last year, they were up 63% in Famagusta, 31% in Larnaca, 18% in Paphos and 14% in Limassol. Limassol recorded the highest number of sales, followed by Paphos, Larnaca, Famagusta and Nicosia.

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

Sales to non-EU citizens for the first ten months of 2023''year totaled 4,199; an increase of 62% from 2,597 in the first ten months of 2022.

Real estate sales to EU citizensS

Sales to EU citizens continue to decline, falling 11% compared to October 2022.

Foreign (EU) sales transactions - comparison 2022/2023

Sales to EU nationals in the first ten months of 2023 totaled 1,640; this is down 20% from 2,043 in the same period last year.

The preferences of overseas buyers in the market

Analysis of real estate sales to foreign buyers for the first''Ten months of 2023 shows that foreign buyers prefer to buy on the coast of the island. Paphos is the most popular destination among them, with foreign sales accounting for 71% of total sales in the area. This is followed by Larnaca (47%), Limassol (46%), Famagusta (40%) and finally Nicosia, where foreign buyers account for just 16% of total sales in the area.

Preferences of foreign buyers by neighborhood in 2023

Real estate sales to the domestic market

Domestic property sales in October increased by 14% year-on-year in October 2022, with the exception of Limassol where the decrease was 11%. Nicosia recorded the highest number of sales (248), followed by Limassol (219), Larnaca (143),