Sales to non-EU citizens doubles

Property sales to non-EU citizens more than doubled in the first two months of 2023 compared to the same period in 2022 according to official figures from the Department of Lands and Surveys.

Speaking at the opening of the 5th Property Show, last Friday evening in Nicosia, head of the Department Elikkos Elia noted that non-EU citizens from Russia and the UK were the two largest groups of foreign nationals buying property on the island.

However, the sales figures for EU citizens went in the opposite directing with numbers falling in the first two months.

As we reported earlier, the total number of property sales in February (as measured by the number of contracts deposited at Land Registry offices) reached 1,131; an 8% increase in the number deposited in February 2022 and the highest number on record since 2008.

Real estate sales to the domestic market in February rose 3% compared to February 2022 but with Nicosia and Limassol reporting falls of 20% and 6% respectively.

Limassol saw the greatest number of sales followed by Nicosia, Larnaca, Paphos and Famagusta.

Sales to the domestic market during the first two months of 2023 stood at 1,153; a rise of 5% on the 1,094 achieved during the same period last year.

Property sales to overseas citizens

Sales to foreigners (non-Cypriots) were up 69% compared to February 2022 with sales rising in all districts with the exception of Famagusta and Nicosia, where they fell by 30% and 7% respectively

Paphos achieved the greatest number of sales, followed by Limassol, Larnaca, Nicosia and Famagusta.

Foreign real estate sales during the first two months of 2023 reached 1,069; a 31% increase on the 813 achieved in the same period last year.

Property sales to EU citizens

Sales to EU nationals fell 42% compared to February 2022, with sales falling in all districts with the exception of Larnaca.

Paphos achieved the greatest number of sales, followed by Larnaca, Limassol, Nicosia and Famagusta.

Sales to EU nationals during the first two months of 2023 reached 267; a fall of 37% compared to the 422 achieved in the first two months of last year.

Property sales to non-EU citizens

Sales to non-EU Nationals rose by 69% compared to February 2022, with sales rising in all districts.

Limassol recorded the highest number of sales, followed by Paphos, Larnaca, Nicosia and Famagusta.

Overseas (non-EU) Sale Transactions – 2022/2023 Compariso

Sales to non-EU nationals during the first two months of 2023 reached 802, more than double the number (391) achieved in the first two months of last year. 

source:  Sales to non-EU citizens doubles - Cyprus Property News (cyprus-property-buyers.com)