Property sales to the overseas market, as measured by the number of sales contracts deposited at Land Registry offices, continued to stumble in December falling 19% compared to December 2022 according to official statistics from the Department of Lands and Surveys.
The only market segment that recorded an increase in sales in December was the domestic (Cypriot) market.
Market segment analysis
Property sales to the domestic market
The total number of sales to the domestic (Cypriot) market December 2023 rose 21% compared to December 2022 and accounted for 56% of the total number of sales in the month.
With the exception of Limassol (where sales fell by 5%) sales in Nicosia, Larnaca, Paphos, and Famagusta rose by 46%, 32%, 24% and 11% respectively.
Sales to the domestic market in 2023 reached 8,667; an increase of 16% on the 7,481 achieved in 2022.
Property sales to the overseas market
The total number of property sales to the overseas market (both EU and non-EU citizens) in December 2023 fell 19% compared to December 2022, with sales falling in all districts with the exception of Nicosia, where they rose 9%, and Larnaca, where they remained steady.
On an annual basis, overseas sales rose by 16%, with increased sales in all districts with the exception of Famagusta. Despite the recent fall in sales, 2023 saw the highest number of sales to the overseas market since the market peaked in 2007.
Sales to the overseas market started to decline in November most probably as a consequence of the Gaza–Israel conflict.
Property sales to EU citizens
Sales to EU nationals fell 27% compared to December 2022 accounting for 13% of the total number of sales (1,358) achieved during the month.
The only two districts bucking the downward trend were Nicosia and Larnaca, where sales rose by 71% and 9% respectively.
Sales to EU nationals during 2023 reached 1,962; a fall of 23% compared to the 2,545 achieved in 2022.
Property sales to non-EU citizens
Sales to non-EU citizens in December 2023 fell 14% compared to December 2022 accounting for 26% of the total number of sales (1,358) achieved during the month.
With the exception of Famagusta district, where sales remained steady, sales fell in all districts.
Sales to non-EU nationals in 2023 reached 4,938; a 46% increase on the 3,383 achieved 2022.
Overseas market preferences in 2023
An analysis of property sales to the overseas market during 2023 reveals that foreign buyers prefer to buy in the coastal areas of the island.
Property sales in Paphos dominated by overseas buyers who accounted for 70% of total sales in the district. Paphos is followed by Limassol and Larnaca (each with 46%), Famagusta (39%) and finally Nicosia with overseas buyers accounting for less than 1 in 5 sales in the district.
