Although sales in Famagusta and Nicosia increased by 15 and 8%, respectively, these figures were offset by a 13% drop in Larnaca, 8% in Paphos and 4% in Limassol.
What is remarkable about the September figures is that foreigners seem to be paying attention to the less expensive areas of the island, namely Famagusta, Larnaca and Nicosia.Real estate sales in the first 9 months of 2024 increased by 1% compared to the same period last year.
Sales to Cypriots
The number of transactions in the domestic market in September 2024 increased by 4% compared to September 2023 and amounted to 59% of total sales for the month.
The number of transactions with local buyers increased in Limassol and Nicosia by 16 and 14%, respectively, but fell by 20% in Larnaca, 10% in Famagusta and 6% in Paphos.Sales in the domestic market increased by 13% year-on-year in the first 9 months of 2024.With the exception of Famagusta, where sales fell by 8%, growth was recorded in all other areas.
Sales to foreigners in general
The total number of transactions for the sale of Cypriot real estate to foreigners (both EU citizens and citizens of non-EU countries) in September reached 530, which is 12% less than in September last year.
Sales to non-residents fell in all areas, with the exception of Famagusta, where double-digit growth was recorded by 61%.
In 9 months, sales to foreigners decreased by 13%. Although in Nicosia, Famagusta and Larnaca they increased by 25%, 13% and 1%, respectively, in Limassol they decreased by 25%, and in Paphos by 21%.
Sales to EU citizens
Decreased in September by 3% year-on-year.
Although sales in Larnaca and Famagusta increased by 26% and 17%, respectively, in the other three districts they fell by 23%.
Sales to EU citizens in the first 9 months of 2024 decreased by 6% compared to the same period last year. Sales in Paphos and Limassol decreased by 8% and 16%, respectively, while in Nicosia they increased by 26%, in Famagusta by 24%, and in Larnaca by 8%.
Real estate sales to citizens of non-EU countries
In September, the number of transactions with non-EU foreigners decreased by 16% compared to September last year.The only region in which sales increased was Famagusta, where they increased by more than 2 times.
Sales to citizens of non-EU countries reached 3,192 units in the first 9 months of 2024, which is 6% less than in the first 9 months of last year.The only region where growth was recorded was Nicosia, where sales of this category of buyers increased by 24%.
It is noteworthy that in Paphos, sales only to non-EU foreigners exceed total sales to Cypriots.
Source: Cyprus Property News
