Cyprus Real Estate Sales Soar in Q4 2023, Limassol and Paphos Emerge as Top Picks for International Investors.

February 23, 2024

The Cyprus real estate market continues to experience robust growth, with Limassol and Paphos emerging as the preferred choices for international investors. In the last three months of 2023, a total of 6,897 properties were sold, underlining a significant surge in demand for real estate in Cyprus.

Released by the Cyprus Land and Building Developers Association, the sales figures demonstrate substantial growth across major cities of the island nation, including Nicosia, Famagusta, Larnaca, Limassol, and Paphos. The data indicates a keen interest from buyers both within and outside the European Union, reaffirming Cyprus’s status as an attractive destination for property investment.

In Limassol, a total of 2,320 properties were sold in Q4 2023, while Paphos recorded 2,350 property sales during the same period. Larnaca, Famagusta, and Nicosia followed suit with 1,470, 317, and 440 property sales, respectively.

Limassol continues to lead in sales, with Paphos closely behind, establishing both cities as the top choices for international investors.

Leptos Estates, the largest real estate developer in Paphos, played a pivotal role in driving robust sales activity in the city. With a diverse portfolio that includes luxury villas, apartments, and townhouses, Leptos Estates has been a key player in the Paphos real estate market for over 60 years.

The heightened demand from foreign investors underscores the allure of the Cyprus real estate market, solidifying its position as the preferred destination for property investments. Real estate experts anticipate sustained demand throughout 2024, projecting a vibrant and dynamic future for the Cyprus property market as it continues to attract international investments.

Number of Properties for which sales documents have been filed in Cyprus for international in the last three months of 2023.

October 2023: 44
November 2023: 36
December 2023: 47
Total for the whole year 2023: 440

October 2023: 164
November 2023: 186
December 2023: 196
Total for the whole year 2023: 2320

October 2023: 121
November 2023: 118
December 2023: 120
Total for the whole year 2023: 1470

October 2023: 186
November 2023: 174
December 2023: 131
Total for the whole year 2023: 2350

October 2023: 35
November 2023: 24
December 2023: 29
Total for the whole year 2023: 317

The total number of properties for which sales documents have been filed in Cyprus by international investors in the last three months of 2023 is: 6897.

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