Decrease in Property Sales to Foreign Buyers in Cyprus

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The Department of Lands and Surveys in Cyprus has released updated statistics for residential property sales involving both local and foreign buyers, covering the period from September to December 2024. The data reveals a slowdown in the real estate sector, with 1,289 residential properties sold during this period. Of these, 59% (or 759 units) were purchased by local buyers, while 530 transactions involved foreign buyers. Among the foreign investors, 171 were EU nationals, and 359 were from non-EU countries.

Local Property Sales

Sales to local buyers in September 2024 saw a modest increase of 4% compared to the same month in 2023, with 759 contracts signed by Cypriot residents, up from 732 the previous year. In terms of individual cities, Nicosia led with 261 transactions, followed by Limassol (253), Larnaca (127), Paphos (81), and Famagusta (37).

In comparison to September 2023, Limassol saw a 16% increase in local property sales, while Nicosia experienced a 14% rise. On the other hand, there were decreases in Paphos (-6%), Larnaca (-20%), and Famagusta (-10%).

From January to September 2024, a total of 7,053 local transactions were recorded, representing a 13% increase compared to 6,230 during the same period in 2023. Limassol accounted for the highest number of sales, with 2,354 units sold, followed by Nicosia (2,202), Larnaca (1,372), Paphos (813), and Famagusta (312). These figures include not just traditional sales but also agreements related to loan restructurings, repossessions, and debt-for-asset swaps between banks and borrowers as part of efforts to reduce non-performing loans (NPLs).

Foreign Property Sales

The number of transactions involving foreign buyers dropped by 12% in September 2024 compared to the previous year. Declines were recorded across most major cities, except for Famagusta, which saw a 61% increase. In Nicosia, sales to foreign buyers fell by 21%, while Larnaca saw a 5% drop, Paphos declined by 9%, and Limassol experienced a 28% decrease.

Overall, 530 property contracts were signed by foreign buyers, down from 604 in September 2023. Paphos led the foreign market with 185 transactions, followed by Limassol (139), Larnaca (132), Nicosia (37), and Famagusta (37). Between January and September 2024, the total number of foreign sales transactions amounted to 4,581, marking a 13% decline from the same period in 2023.

Sales to EU Nationals

Sales to EU nationals fell by 3% in September 2024, with 171 transactions recorded compared to 176 in the same month of 2023. The distribution of sales to EU buyers across cities was as follows: 18 in Nicosia, 14 in Famagusta, 39 in Larnaca, 42 in Limassol, and 58 in Paphos.

From January to September 2024, a total of 1,389 sales were made to EU nationals. Most cities experienced a decline in sales to EU buyers, except for Famagusta, which saw a 17% increase, and Larnaca, which experienced a 26% rise. Sales in Nicosia fell by 18%, Paphos by 3%, and Limassol by 18%.

Sales to Non-EU Nationals

Property sales to non-EU buyers also declined by 16% in September 2024 compared to the previous year, with 359 sales contracts signed, down from 428. Of these, 19 transactions were in Nicosia, 23 in Famagusta, 93 in Larnaca, 97 in Limassol, and 127 in Paphos.

From January to September 2024, a total of 3,192 sales were made to non-EU nationals, with only Nicosia showing a positive trend with a 24% increase. Sales in other regions were as follows: 205 in Nicosia, 999 in Limassol, 826 in Larnaca, 1,015 in Paphos, and 147 in Famagusta.

Source: news.cyprus-property-buyers.com, 

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