Cyprus leads in real estate sales in the European Union with a growth of 31% in 2023!

Anastasia Taran
Head of Corporate Services
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09 07.2024

According to Eurostat data, Cyprus confidently took the first place in the European Union in terms of growth in real estate sales, achieving an impressive increase of +31% in 2023.

Specifically, in 2023, the number of real estate transactions decreased in 13 EU countries, and only three countries showed a positive growth in property sales, with Cyprus leading among them. Following Cyprus are Poland with an increase of 3.9% and Ireland with a rise of 0.6%.

The contrast with other EU countries is notable: Luxembourg experienced the largest decline in real estate sales (-43.3%), while Austria and Hungary also saw significant decreases of 26.4% and 24.5% respectively. Finland also showed a decrease of 24.5%.

The growth in property sales continues on Cyprus for the third consecutive year.

In 2022, this figure reached +27.4%. While other countries faced declines in sales, Cyprus has shown steady growth, affirming its attractiveness to investors and property buyers.

Eurostat notes that the COVID-19 pandemic negatively impacted real estate markets worldwide in 2020, and Cyprus was no exception. However, by 2021, the country demonstrated an impressive sales increase of 17.2%, indicating its rapid recovery and stabilization.

Against the backdrop of overall declining sales in most EU countries, Cyprus stands out as a reliable and attractive destination for property investments.

Investors worldwide choose Cyprus for its transparent legal system and diverse real estate offerings—from cozy apartments to luxurious villas on the coast.

Moreover, Cyprus offers unique opportunities for obtaining permanent residency through investments, making it even more appealing to buyers.

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