The relentless demand for Cyprus real estate continued in April, with the number of property sales rising by 27 per cent compared to the same month last year according to official statistics from the Department of Lands and Surveys.
The total number of sales (as measured by the number of contracts deposited at Land Registry offices) in April 2023 reached 1,192 – an increase of 27% compared to April 2022.
Although sales in Nicosia fell by 3% and remained steady in Famagusta compared to April 2022, they rose in the remaining three districts.
In percentage terms, Paphos led the way followed by Limassol and Larnaca with the highest number of sales (426) recorded in Limassol.
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Year to date property sales Sales
during the first four months of 2023 reached 4,766; an increase of 21% compared to the same period last year. With the exception of Nicosia, sales have risen in all districts.
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Market segment analysis
Property sales to the domestic market
Real estate sales to the domestic market in April rose 12% compared to April 2022 but with Nicosia reporting a fall of 18%. Limassol saw the greatest number of sales followed by Nicosia, Larnaca, Paphos and Famagusta.
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Sales to the domestic market during the first four months of 2023 stood at 1,868; an increase of 12% on the 1,732 achieved during the same period last year.
Property sales to the overseas market
Sales to foreigners (non-Cypriots) were up 50% compared to April 2022 with sales rising in all districts. Limassol recorded the greatest number of sales, followed by Paphos, Larnaca, Nicosia and Famagusta.
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Foreign real estate sales during the first four months of 2023 reached 2,622; a 37% increase on the 1,647 achieved in the same period last year.
Property sales to EU citizens
Sales to EU nationals continued their downward trend, falling by 23% compared to April 2022, with sales falling in all districts with the exception of Nicosia.
Paphos achieved the greatest number of sales, followed by Limassol, Larnaca, Nicosia and Famagusta.
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Sales to EU nationals during the first four months of 2023 reached 585; a fall of 28% compared to the 808 achieved in the first four months of last year.
Property sales to non-EU citizens
Sales to non-EU Nationals maintained their strong growth rising by a substantial 119% compared to April 2022, with sales rising in all districts.
Limassol recorded the highest number of sales, followed by Paphos, Larnaca, Nicosia and Famagusta.
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Sales to non-EU nationals during the first four months of 2023 reached 1,677, twice the number achieved in the first four months of last year.
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