Property sales to foreigners break records in Cyprus.

10 months ago

In January 2023, the Department of Lands and Surveys published updated statistics on the Cyprus property market.
Official statistics show that Cyprus' real estate market is still aggressively recovering. primarily as a result of international buyers' interest in Cypriot real estate.
Thus, 1,091 properties were sold on the island in January 2023, with 497 (46%) local buyers and 594 (54%) international buyers—150 (25%) of whom were citizens of the EU/EEA and 444 (75%) of whom were citizens of third countries.

It should be mentioned that for the first time since 2007, there were more contracts signed with foreign buyers than local ones in terms of total sales transactions.

Domestic market

When compared to the same month in 2021, domestic real estate sales in January 2023 grew by 9%. Compared to 455 the previous year, 497 housing purchase and sale agreements were made with locals. The number is the highest since January 2012.

It should be emphasized that the real sales figures in this category include a number of "non-sales" agreements, including debt-for-asset swaps, loan restructurings, and repayments, reached between banks and defaulting borrowers as part of banks' attempts to reduce their NPL portfolios.

Sales of real estate to EU citizens

Real estate sales to EU citizens in January 2023 were down 32% compared to the same month in 2022. The total number of sales contracts is 150:

  • 12 transactions were in Nicosia,
  • 8 - controlled areas of Famagusta,
  • 28 - Larnaca,
  • 54 - Limassol,
  • 48 - Paphos.

Sales of real estate to third country nationals

Real estate sales to third-country nationals in January 2023 increased by 148% compared to the same month in 2022. The total number of sales contracts is 444:

  • 9 - in Nicosia,
  • 26 - in controlled areas of Famagusta,
  • 95 - in Larnaca,
  • 156 - in Limassol,
  • 158 - in Paphos.