In January 2024, the Cyprus Department of Lands and Geodesy registered 1,056 real estate purchase and sale agreements, which is 3% less than in the same month of 2023.
Despite the slight decrease, the indicator is impressive! Over the past 19 years, sales in January have exceeded the thousand mark only five times.
The only region in which the number of transactions has increased is Nicosia (+40% compared to January 2023). About the investment potential of the country's capital, we we talked in detail in the material!
Sales decreased in the other four districts: by 30% in Famagusta, by 16% in Paphos, by 9% in Limassol and by 4% in Larnaca.
Sales to Cypriots
Sales to Cypriots increased by 21% year-on-year in January 2024. Their share amounted to 57% of the total number of transactions for the month. As noted by the Central Bank of Cyprus, the ECB's base rate hike does not seem to have significantly affected domestic demand as it continues to grow.
Sales to foreigners in general
Sales to foreigners (citizens of both the EU and non-EU countries) fell by 3% year-on-year in January 2024. The drop was recorded in all regions except Nicosia; an increase of 40% was recorded in the capital. Sales in Famagusta fell by 30%, in Paphos by 16%, in Limassol by 9% and in Larnaca by 4%.
Sales to EU citizens
Sales to EU citizens fell by 25% year-on-year. Their share is 11% of the total number of transactions registered in a month. Nicosia was the only region where sales increased by 17% compared to January 2023. They fell by 63% in Famagusta, by 29% in Larnaca, by 26% in Limassol and by 25% in Paphos.
Sales to non-EU citizens
Sales to citizens of non-EU countries fell by 23% in January compared to January 2023. The share of non-EU buyers was 32% of the total. With the exception of Nicosia, where sales increased by a staggering 189%, they fell in the other four districts: by 45% in Limassol, by 38% in Famagusta, by 22% in Larnaca and by 11% in Paphos.
Despite the growing activity of foreigners in the Nicosia market, the share of foreign buyers in the capital is the smallest of all regions of the island (16%). The largest share of sales to non-residents in Paphos is 73%. This is followed by Larnaca (44%), Famagusta (48%) and Limassol (40%).
Source: Cyprus Property News
