Property sales fall in Paphos, Limassol, and Famagusta

In March 2024, the total number of property sales contract deposited at Land Registry offices across Cyprus reached 1,257, falling 7% compared to the 1,352 deposited in March 2023, according to official sales statistics published by the Department of Lands and Surveys.

Although sales in Nicosia and Larnaca rose by 38% and 2% respectively, they fell 29% in Paphos, 15% in Limassol and 15% in Famagusta.

Sales in the first quarter of 2024 reached 3,597, recording a small increase of 1% compared to the first quarter of 2023 – and the highest number on record since 2008 when 4,522 properties were sold in January and March.

Market segment analysis

Property sales to the domestic (Cypriot) market

The total number of sales to the domestic (Cypriot) market March 2024 reached 773, a rise of 8% compared to the 715 achieved in the same month last year accounting for 61% of the total number of sales in the month.

Although the number of sales in Famagusta, Paphos, and Limassol fell by 25%, 6%, and 1% respectively, these falls were outweighed by rises of 38% in Nicosia and 17% in Larnaca.

In the first quarter of this year sales to the domestic market rose by 8% compared to the same period last year. With the exception of Famagusta, which recorded a fall of 28%, sales in the remaining four districts have risen.

Property sales to the overseas market

The total number of property sales to the overseas market (both EU and non-EU citizens) in March 2024 fell 24% compared to March 2023. The only district recording an increase was the capital Nicosia, where sales rose by 72%.

In the first quarter of this year sales to the overseas market have fallen by 15% compared to the same period last year.

Sales to EU nationals

Sales to EU nationals fell 12% compared to March 2023. Although sales in Nicosia and Famagusta rose by 77% and 50% respectively, sales in Larnaca, Paphos and Limassol fell by 43%, 35%, and 9% respectively.

In the first quarter of this year sales to EU nationals have fallen by 6% compared to the same period last year.

Sales to non-EU nationals

Sales to non-EU citizens in March 2024 fell 29% compared to March 2023. The only district recording an increase was the capital Nicosia, where sales rose by 64%.

In the first quarter of this year sales to non-EU nationals have declined by 18% compared to the same period last year, with only Nicosia and Larnaca recording increases in property sales.