February Real Estate Sales in Cyprus. A Market Analysis
The real estate market in Cyprus is showing promising signs of growth, with the total number of property sales rising by 14% in February compared to the same period last year. This positive momentum is further bolstered by an analysis from the Department of Lands and Surveys, indicating a potential recovery in sales to EU nationals after a period of struggle.
Sales to the domestic (Cypriot) market surged by 18% in February 2024, reaching a total of 772 transactions. Notably, this accounts for 60% of the total sales for the month. While Famagusta and Limassol experienced slight declines, Paphos, Nicosia, and Larnaca witnessed significant increases ranging from 11% to 60%.
Sales to the overseas market, encompassing both EU and non-EU citizens, increased by 8% compared to February 2023. Notwithstanding declines in Limassol and Paphos, other districts saw remarkable growth, with Famagusta leading at 65%. Sales to EU nationals spiked by 26%, indicating a potential turnaround in the market segment.
Sales to non-EU citizens in February 2024 rose by 2%, contributing to 28% of the total transactions. While Limassol and Paphos experienced declines due to higher prices, Famagusta and Larnaca observed significant upticks, possibly due to their affordability. Nicosia, the capital, saw a notable rise of 47% in sales.
In the first two months of 2024, sales to both domestic and overseas markets showed positive trends, with exceptions in Famagusta and Paphos. Sales to EU nationals and non-EU citizens, though experiencing fluctuations, highlight opportunities for growth and recovery.
The data reflects a dynamic real estate landscape in Cyprus, characterised by shifting market preferences and emerging investment opportunities. As the industry evolves, stakeholders are poised to navigate challenges and capitalise on evolving trends to drive sustained growth and prosperity.
Source: Cyprus Property News