Cyprus Real Estate Market A Promising Upward Trend in Sales

The Cyprus real estate market continues to showcase its resilience and growth, as reflected in the latest statistics released by the Land Registry. The numbers reveal a significant increase in sales compared to the previous year, indicating a positive outlook for the industry. 

In June 2023, a total of 1,397 sales contracts were deposited at Land Registry offices across the island. This represents a notable rise from the 1,173 sales recorded in June 2022. Encouragingly, sales witnessed an upward trajectory in all districts, with the exception of Famagusta, where the number of sales remained unchanged. 

Limassol emerged as the frontrunner, recording the highest number of sales with a staggering 444 transactions. Paphos followed closely with 316 sales, while Nicosia, Larnaca, and Famagusta registered 312, 258, and 67 sales, respectively. These numbers reflect the sustained demand and popularity of different regions within Cyprus. 

The positive trend in sales extends beyond a single month, as figures for the first six months of 2023 show a robust increase of 23% compared to the same period in the previous year. With sales climbing across all districts, it becomes evident that the real estate market in Cyprus is thriving. 

Analyzing the domestic market, we observe a 6% increase in sales to local buyers compared to June 2022. It is worth noting that Limassol experienced a marginal decline of 5%, while other districts recorded growth. Nicosia emerged as the leader in terms of domestic sales, closely followed by Limassol, Larnaca, Paphos, and Famagusta. 

Turning our attention to foreign buyers, the numbers paint an even more encouraging picture. Sales to non-Cypriots surged by an impressive 38% in June 2023, with demand soaring in all districts except Famagusta, which experienced a minor decrease of 7%. Paphos outshone other regions as the preferred choice for foreign buyers, with Limassol, Larnaca, Nicosia, and Famagusta following suit. 

The trend of increased interest from non-EU nationals stands out prominently, with a remarkable 86% rise in sales compared to June 2022. Once again, Limassol claimed the top spot for non-EU buyer preference, with Paphos, Larnaca, Nicosia, and Famagusta trailing behind. 

While sales to EU nationals saw a decline of 11% compared to June 2022, it is important to note that Larnaca and Nicosia bucked the trend, showing resilience in their markets. Paphos continued to attract the highest number of EU buyers, followed by Limassol, Larnaca, Nicosia, and Famagusta. 

The figures for the first half of 2023 reinforce the positive trajectory witnessed in the real estate market. Sales to non-EU nationals during this period skyrocketed by an astounding 90% compared to the same period last year. Limassol maintained its appeal, with Paphos, Larnaca, Nicosia, and Famagusta also experiencing an increase in demand. 

As the Cyprus real estate market continues to flourish, it presents a range of opportunities for both domestic and international buyers. With a diverse portfolio of properties and regions to explore, investors can find their perfect match in this thriving market. 

Source: Cyprus Property News 

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