The latest analysis of sales contracts issued by the Department of Lands and Surveys reveals a strong growth in property sales to the domestic (Cypriot) market while foreign buyers continue to turn their backs on Paphos.
Sales in July seem to have recovered from their earlier slump in May, with numbers rising in all market segments, with the domestic market segment in particular performing well.
Property sales – market segment analysis
Sales to the domestic (Cypriot) market
The total number of sales to the domestic market in July 2024 rose 34% compared to the same period last year and accounted for 60% of the total number of sales in the month.
Sales rose in all districts with sales in Famagusta up 59%, Larnaca 41%, Limassol 39%, and sales in Paphos and Nicosia up 26% and 21% respectively.
Sales to the domestic market in the first seven months of 2024 reached 5,644; an increase of 16% on the 4,859 achieved in the same period of last year. With the exception of Famagusta, where sales fell by 12%, all districts recorded gains.
Domestic contracts of sale deposited – 2023/2024 Comparison (Jan-Jul)
Sales to the overseas market
The total number of property sales to the overseas market (both EU and non-EU citizens) in July reached 657; an increase of 7% on the 615 achieved in July last year.
With the exception of Paphos, where sales fell by 4%, all districts reported Increased sales
Sales in Limassol rose 15%, Larnaca 13%, Famagusta 10%, and Nicosia 8%.
On an annual basis, overseas sales fell by 15%. Although sales in Nicosia rose 33% and 6% in both Famagusta and Larnaca, They fell by 29% in Limassol and 24% in Paphos.
Overseas contracts of sale deposited – 2023/2024 Comparison (Jan-Jul)
Property sales to EU citizens
Sales to EU citizens rose 13% to reach 202 in July compared to 179 in the same month last year and accounted for 12% of the total number of sales (1,657) achieved during the month.
Although sales in Nicosia and Paphos fell by 11% and 6% respectively, these falls were more than outweighed by increased sales of 60% in Famagusta, 41% in Larnaca and 26% in Limassol.
Sales to EU citizens in the first seven months of 2024 reached 1,068; a fall of 7% compared to the 1,148 sold in the same period last year, with sales in Paphos and Limassol falling 23% and 18% respectively compared to the same period last year.
Contracts deposited by EU Nationals – 2023/2024 Comparison (Jan-Jul)
Property sales to non-EU citizens
Sales to non-EU citizens rose 4% in July compared to July last year accounting for 27% of the total number of sales (1,657) achieved during the month.
While sales in Nicosia and Limassol fell, these were outweighed by increased sales in the three remaining districts of Nicosia, Limassol and Larnaca.
The Fiscal Council has warned that Cyprus’ economy could face a significant setback if Ukrainian businesses, which have relocated to the island following the Russian invasion, choose to leave.
According to the Council, the Ukrainian presence in Cyprus, which has grown as a consequence of the Russian invasion, has provided many economic benefits.
An estimated 24,000 Ukrainians remain in Cyprus, with 7,000 holding tourist status. This growth has had a significant positive impact on government revenues, real estate, education, technology services, etc.
Sales to Non-EU citizens in the first seven months of 2024 reached 2,498; a fall of 18% compared to the 3,044 sales in the same period last year, with Limassol and Paphos being worst affected with falls of 32%and 24% respectively.
Contracts deposited by non-EU Nationals – 2023/2024 Comparison (Jan-Jul)
Property market segment summary analysis
The chart below shows each of the district’s popularity with each of the market segments. Sales to the overseas market segments (EU nationals + non-EU nationals) exceed domestic sales in Paphos.
In Paphos, the most popular with those looking for a holiday home in the sun, sales to non-EU nationals alone exceed sales to the domestic market (Cypriots.)
Market Segment Summary Analysis (Jan-Jul 2024)
Year to date sales performance
The chart below is an analysis of sales since 2008, showing total domestic sales and total overseas sales during the first seven months of each year.
Contracts Deposited 2008 to 2024 in the First Seven Months of Each Year
Source: Cyprus Property News