Cyprus’ real estate market saw a notable 19% surge in property sales in March compared to the same month last year, with all districts reporting double-digit increases over March 2024.
Sales in Paphos rose by 32%, sales in Larnaca rose 21%, sales in Nicosia were up 18%, sales in Famagusta rose 15% and finally sales in Limassol rose by 11%.
Although Limassol recorded the smallest percentage rise in sales, it achieved the highest number of sales of all the districts (477). Furthermore, 477 is the highest monthly number of sales for any district since monthly sales figures were first published in 2008.
Total contracts of sale deposited – 2024/2025 Comparison (March)
During the first quarter of 2025 sales are up compared to the same period last year with all districts reporting increases. Sales rose 26% in Larnaca, 15% in both Limassol and Nicosia, 7% in Paphos and 4% in Famagusta.
Total contracts of sale deposited – 2024/2025 Year-to-Date Comparison
Although Cyprus could be on on-track for a record year in sales, President Donald Trump’s trade tariffs could influence the Cyprus property market indirectly as a result of:
- An economic slowdown in the eurozone resulting from reduced exports from the EU to the U.S. This could result in loss of investor confidence and foreign investment, both of which are vital for the health of Cyprus’ property market.
- Inflationary pressures resulting in increased prices for imported goods and materials, which could lead to higher construction costs and increased inflation. These economic conditions could dissuade potential property buyers and investors, reducing demand.
- Inflationary pressures may influence the European Central Bank’s monetary policies, potentially leading to adjustments in interest rates. Higher interest rates can increase borrowing costs for mortgages, home loans and property development loans, which could slow down the property market.
Although Cyprus has yet to feel the effects of these U.S. trade tariffs, there’s still a chance of knock-on effects, depending on how long the tariffs last, how big they are, and how the wider Eurozone economy reacts.
It’s impossible to predict what’s going to happen. Just yesterday Elon Musk expressed his support for eliminating tariffs between the United States and Europe. He supported a “zero-tariff situation,” creating a free-trade zone between the two regions.
Tens of thousands of demonstrators descended on Washington yesterday as part of nationwide “Hands Off!” rallies against spending cuts from Elon Musk’s Department of Government Efficiency and President Trump’s new “Liberation Day” tariffs. Protests were also held in New York City, Los Angeles and Philadelphia.
Cyprus property sales – market segment analysis
Property sales to the domestic (Cypriot) market
In March, sales to the domestic market rose 14% compared with March last year with all districts reporting gains.
Sales in Famagusta rose by 27%, while sales in Nicosia rose 26%, sales in Paphos rose 20%, sales in Larnaca were up 7%, and finally sales in Limassol rose by 6%.
Once again, although Limassol recorded the smallest rise in sales, it achieved the highest number of sales (305) to the domestic market of all the districts.
Domestic contracts of sale deposited – 2024/2025 Comparison (March)
Overall, domestic sales for the first quarter of 2024 are up 15% compared to the same period last year.
Although sales in Paphos fell by 8% and remained steady in Famagusta, increases of 29%, 17% and 16% were reported in Larnaca, Limassol and Nicosia respectively.
Domestic contracts of sale deposited – 2024/2025 Year-to-Date Comparison
Property sales to the overseas market
Sales to the overseas market (including both EU and non-EU citizens) in March rose 25% compared to March 2024.
Although sales in Nicosia fell 13% and remained steady in Famagusta, Larnaca, Paphos and Limassol reported increases of 41%, 39% and 21% respectively. Paphos achieved the highest number of sales in the month reaching 204.
Overseas contracts of sale deposited – 2024/2025 Comparison (March)
In the first quarter of 2024, overseas sales have risen by 15% compared to the same period last year, with all districts reporting gains.
Sales in Larnaca up 22%, Paphos up 16%, Limassol up 14%, Famagusta up 9% and finally Nicosia up 2%.
Overseas contracts of sale deposited – 2024/2025 Year-to-Date Comparison
Property sales to EU citizens
Sales to EU citizens increased by 16% in March compared to the same month last year.
Although sales in Nicosia fell by 36% and sales and Famagusta fell 27%y, sales in Larnaca, Paphos and Limassol rose by 65%, 60% and 10% respectively.
Contracts deposited by EU Nationals – 2024/2025 Comparison (March)
In the first quarter of 2024, sales to EU citizens have risen 29% compared to the same period last year with sales rising in all districts except for Nicosia where they fell by 6%.
Sales in Paphos are up 55%, Famagusta up 49%, Paphos up 52%, Nicosia up 32%, Larnaca and Limassol up 27% and 16% respectively.
Contracts deposited by EU Nationals – 2024/2025 Year-to-Date Comparison
Property sales to non-EU citizens
In March, property sales to non-EU citizens rose 30% compared to March last year, with all districts recording gains.
Sales in Famagusta rose 40%, followed by Larnaca 34%, Paphos 31%, with Limassol and Nicosia both reporting a 26% increase.
Contracts deposited by non-EU Nationals – 2024/2025 Comparison (March)
In the first quarter of 2024, property sales to non-EU citizens rose 10% compared to March 2024.
Although sales in Famagusta fell 21%, the numbers rose in the other four districts. Sales rose 20% in Larnaca, 14% in Limassol, 10% in Nicosia and 3% in Paphos.
Contracts deposited by non-EU Nationals – 2024/2025 Year-to-Date Comparison
Market segment summary
The chart below illustrates the popularity of each district among different market segments. In Paphos, which is particularly attractive to those seeking holiday homes, property sales to non-EU nationals alone exceed those to the domestic market.
The popularity of Larnaca is increasing with the overseas market recording the strongest growth in the first quarter of 22%.
Market Segment Summary Analysis Year-to-Date
Contracts Deposited 2008 to 2025 Year-to-Date Comparison
SOURCE: CYPRUS PROPERTY NEWS