Cyprus Real Estate Market Thrives – Foreign Buyers Take the Lead

Recent statistics from the Department of Lands and Surveys have unveiled some striking trends in the Cyprus real estate market. It appears that non-European Union (EU) nationals are becoming the major driving force in the property sector, making up a remarkable 45% of sales in September. This percentage has seen a significant increase from the 30% reported just a month prior in August. 

The figures reveal that sales to non-EU nationals escalated by an impressive 34% when compared to August 2022, accounting for 30% of the total sales in that month. The growth in foreign property investment is evident across almost all regions of Cyprus, with the exception being Limassol, which saw a minor 2% decline in September sales compared to the same month the previous year. 

Paphos leads the way with the highest number of property sales, followed by Limassol, Larnaca, Nicosia, and Famagusta. This trend can be observed in the surge in property sales to non-EU nationals during the first nine months of 2023, reaching an astonishing 68% increase compared to the same period in 2022. 

Conversely, sales to EU nationals have taken a downward trend, decreasing by 13% compared to September 2022. The only district that has managed to buck this trend is Limassol, where sales rose by 34%. 

The market situation in Larnaca remains steady, while Famagusta, Paphos, and Nicosia have experienced declines of 45%, 30%, and 12%, respectively. Sales to EU nationals for the first nine months of 2023 have reached 1,476, marking a 21% fall compared to the same period the previous year. 

An intriguing observation is that sales to foreigners, encompassing both EU and non-EU citizens, saw a 9% increase in September compared to September 2022, despite the 13% decline in sales to EU citizens. This overall growth in sales is prevalent across all districts except Famagusta, which experienced a 23% drop. 

Paphos continues to lead the way with the greatest number of sales, followed by Limassol, Larnaca, Nicosia, and Famagusta. In the first nine months of 2023, foreign real estate sales have reached 5,289, which signifies a remarkable 28% increase compared to the same period last year. 

The analysis further reveals that foreign buyers display a notable preference for coastal properties in Cyprus, strengthening the idea that the island’s pristine coastal regions remain highly attractive to international investors. 

Conversely, real estate sales to the domestic market in September recorded a 22% rise compared to September 2022. However, Famagusta stands out with a 15% decline. Nicosia records the highest number of domestic sales, with Limassol, Larnaca, Paphos, and Famagusta following suit. 

Overall, the property market in Cyprus appears to be experiencing substantial growth, primarily driven by non-EU nationals and a notable preference for coastal properties. These trends are reshaping the real estate landscape and offer unique insights for both investors and those looking to call Cyprus home. 

Source: Cyprus Property News 

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