Where is Real Estate Most Frequently Purchased in Cyprus? Statistics for the First 10 Months of 2024

The Department of Land and Surveys in Cyprus released data on real estate sales, covering buyer activity through October 2024. This data offers insight into property market trends across the island and highlights popular areas for property purchases.

Overall Real Estate Sales Growth in Cyprus – October 2024

In October 2024, Cyprus saw 1,318 real estate transactions, a 1% increase from October 2023 (1,306 transactions).

• Larnaca: This area saw the highest growth, with an 8% increase in property sales, reflecting high demand. With moderate prices and strong infrastructure, Larnaca appeals to buyers seeking affordable investments near the coast.
• Limassol: A 5% rise in sales reinforces Limassol’s position as a premier location for luxury property and high-end investments.
• Nicosia: Sales in the capital increased by 2%, making it an ideal choice for those favoring urban living close to administrative centers.
• Paphos: There was a slight 1% decrease in Paphos, though it remains popular among international buyers for its climate and resort atmosphere.
• Famagusta: Sales dropped by 32%, potentially signaling a shift in buyer interest to other areas.

Annual Trend: Property Sales from January to October 2024

Between January and October 2024, total property transactions rose by 1% compared to 2023. In 2023, 12,825 transactions were recorded, while 2024 saw 12,952. Notably, Nicosia and Larnaca showed strong growth, indicating heightened interest in these regions, whereas Limassol, Famagusta, and Paphos either remained steady or slightly declined.

Real Estate Market for Local Buyers

Domestic real estate sales in October 2024 slightly increased, with 761 transactions compared to 756 in October 2023. For the year to date, local sales reached 7,814—up 1% from 6,986 in 2023.

• Limassol: 2,601 units sold (up from 2,287 in 2023).
• Nicosia: 2,456 properties sold, an increase from 2,094 last year.
• Larnaca: 1,513 units sold, up from 1,377.
• Paphos: 901 transactions, up from 833.
• Famagusta: Declined, with 343 sales compared to 395 in 2023.

Property Sales to Foreign Investors

• EU Citizens:

Sales to EU nationals in October 2024 increased by 5%, from 164 to 172 transactions.

Year-to-date sales for this group reached 1,561, with notable growth in Larnaca (+39%), Famagusta (+33%), and Limassol (+16%), even as sales in Nicosia and Paphos fell by 18% and 11%, respectively.

• Non-EU Citizens:

October transactions remained steady year-over-year.

For January to October 2024, 3,577 properties were sold to non-EU citizens.

Significant growth was seen in Nicosia (+25%), Larnaca (+12%), and Paphos (+4%). In contrast, sales decreased in Famagusta (-23%) and Limassol (-12%), suggesting that non-EU buyers are focusing on more affordable regions.

A ten-month analysis of Cyprus’s real estate market in 2024 shows steady interest in property across the island, with notable regional variations depending on property type and location.

Property in Cyprus is most frequently purchased in Larnaca and Limassol, both of which are seeing sustained growth among local and foreign buyers. These areas attract investors with their strong infrastructure and growth potential. Limassol remains highly popular but is also the most expensive region in Cyprus. Larnaca, on the other hand, offers a better balance of price and quality, appealing to those seeking affordable investment opportunities with solid growth prospects. Nicosia and Paphos are also in demand, though with slightly slower growth rates.

Legal Support for Real Estate Purchases in Cyprus

Feod Group provides comprehensive legal support to ensure safe and secure real estate transactions in Cyprus. Our team of experienced property specialists and lawyers assists you through each stage of the buying process.