The Department of Lands and Surveys has recently released data on residential property sales in Cyprus for July 2024, showcasing a strong recovery in the real estate sector.
Overall Sales Surge
In July 2024, Cyprus saw a total of 1,657 housing units sold. Local buyers accounted for 1,000 of these transactions, while 657 properties were purchased by foreign investors. Out of the foreign purchases, 202 were by EU nationals, and 455 by non-EU nationals.
Domestic Market Growth
Property sales to local buyers in July 2024 increased by 34% compared to July 2023, with 1,000 contracts signed versus 747 in the previous year. Limassol led with 343 transactions, followed by Nicosia with 268, Larnaca with 247, Paphos with 91, and Famagusta with 51. Every city experienced growth in transactions compared to July 2023: Limassol (+39%), Nicosia (+21%), Larnaca (+41%), Paphos (+26%), and Famagusta (+59%).
From January to July 2024, local buyer transactions reached 5,644, marking a 16% increase from 4,859 during the same period in 2023. Limassol recorded 1,918 sales, Nicosia 1,752, Larnaca 1,105, Paphos 648, and Famagusta 221. Note that these figures include non-sale agreements such as loan restructurings and debt-for-asset swaps, which are not separately reported by the Department of Lands and Surveys.
Foreign Investment
Sales to foreign investors rose by 7% compared to July 2023, with 657 contracts signed in July 2024 versus 615 the previous year. Limassol topped the list with 209 transactions, followed by Paphos with 203, Larnaca with 171, Nicosia with 42, and Famagusta with 32. Sales increased in all cities except Paphos, which saw a 4% decline. Limassol had a 15% increase, Larnaca 13%, Famagusta 10%, and Nicosia 8%.
From January to July 2024, foreign transactions totaled 3,566, down 15% from the same period in 2023. Paphos recorded 1,132 sales, Limassol 1,035, Larnaca 889, Famagusta 190, and Nicosia 320.
EU Nationals
Property sales to EU nationals in July 2024 increased by 13% from July 2023, with 202 transactions compared to 179. Sales were distributed as follows: Nicosia (17), Famagusta (16), Larnaca (48), Limassol (49), and Paphos (72). From January to July 2024, sales to EU citizens rose by 7%, totaling 1,068. Sales increased in all areas except Limassol (-18%) and Paphos (-23%).
Non-EU Nationals
Sales to non-EU nationals in July 2024 saw a 4% increase compared to July 2023, with 455 transactions versus 436. Sales included: Nicosia (25), Famagusta (16), Larnaca (123), Limassol (160), and Paphos (131). However, from January to July 2024, there was an 18% decline in sales to non-EU nationals, totaling 2,498. Sales decreased in Limassol (-32%) and Paphos (-24%), while other areas saw increases: Nicosia (169), Larnaca (656), and Famagusta (104).
Source: Liza Medvetskaya, Dom.com.cy