Property sales in Cyprus have surged by 23% in the first half of the year

What has happened? According to official statistics from the Land Department, 7,689 properties were purchased in Cyprus in the first half of 2023. This is 23% more than during the same period last year with sales rising in all districts.

The total number of sales in June 2023 reached 1,397 compared to 1,173 deposited in June 2022, demonstrating an increase of 19%.

Sales rose in all districts, except for Famagusta where the number of sales was unchanged. Limassol recorded the highest number of sales (444), followed by Paphos (316), Nicosia (312), Larnaca (258), and Famagusta (67).

Property sales to locals. Property sales on the domestic market in June rose by 6% compared to June 2022, but Limassol reported a fall of 5%. The largest number of transactions took place in Nicosia. Next come Limassol, Larnaca, Paphos and Famagusta.

Sales to the domestic market during the first six months of 2023 stood at 4,112; an increase of 6% on the 3,635 achieved during the same period last year.
Sales to foreigners. Sales to foreigners (non-Cypriots) have increased by 38% compared to June 2022 with sales rising in all districts with the exception of Famagusta, where they fell by 7%. The leader in the number of transactions is Paphos. It is followed by Limassol, Larnaca, Nicosia and Famagusta.
Foreign real estate sales during the first six months of 2023 reached 3,577; a 36% increase on the 2,628 achieved in the same period last year.

Source: Cyprus Property News

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