Cyprus property market analysis 2023

Cyprus property market analysis 2023

The number of property sales in Cyprus in 2023 reached the highest level since 2007, with a total of 15,567 contracts deposited with the Department of Lands and Surveys.

Property sales to the domestic market

Sales to the domestic market in 2023 reached 8,667; an increase of 16% on the 7,481 achieved in 2022.

Property sales to the overseas buyers

Overseas sales showed the increase of 16% comparing to 2022, and reached 6,900 sales.

Property sales to EU citizens

Sales to EU nationals during 2023 reached 1,962; a fall of 23% compared to the 2,545 achieved in 2022.

Property sales to non-EU citizens

Sales to non-EU nationals in 2023 reached 4,938; a 46% increase on the 3,383 achieved 2022.

Overseas market preferences in 2023

An analysis of property sales to the overseas market during 2023 reveals that foreign buyers prefer to buy in the coastal areas of the island.

Paphos attracted more overseas buyers who accounted for 70% of total sales, followed by Limassol and Larnaca (each with 46%), Famagusta (39%) and Nicosia (14%).