Property Sales in 2024 Reach Record High Since 2007
In 2024, property sales in Cyprus hit a record high, reaching 15,797 contracts filed with the Department of Lands and Surveys, the most since 2007.
However, as discussed further in this report, international sales have declined, and domestic sales are also slowing down. The market's performance in 2025 remains uncertain.
December 2024 Sales Overview
Property sales in December 2024 saw a slight decrease of 1% compared to December 2023, based on official data from the Department of Lands and Surveys. Despite a 34% increase in Paphos, declines in Nicosia and Famagusta (both 16%), along with reductions of 2% in Limassol and 1% in Larnaca, brought the overall numbers down. For the entire year, property sales rose by 1% compared to 2023, with notable gains in Nicosia and Larnaca but decreases in Paphos, Famagusta, and Limassol.
Domestic Market Sales
In December 2024, domestic market sales (Cypriots) saw a 1% rise from December 2023, making up 63% of total sales. While sales rose in Limassol (29%), Paphos (10%), and Larnaca (2%), Famagusta and Nicosia experienced declines of 22% and 19%, respectively. For the full year, sales to the domestic market increased by 10%, except for a 16% drop in Famagusta.
Overseas Market Sales
Sales to overseas buyers (including both EU and non-EU citizens) decreased by 5% in December 2024 compared to the previous December. Despite a 47% increase in Paphos and a modest rise in Nicosia, Limassol's 41% decline heavily impacted the overall statistics. For the year, sales to the overseas market fell by 10%, with significant declines in Limassol and Paphos outpacing gains in other districts.
EU National Sales
Sales to EU nationals dropped by 5% compared to December 2023, constituting 12% of total monthly sales (1,339 properties). Paphos was the only district to report a significant increase, with a 55% rise in sales. For the year, sales to EU nationals decreased by 3%, with mixed results across different areas.
Non-EU National Sales
The number of properties sold to non-EU buyers also fell by 5% in December 2024, making up 25% of total sales. Sales increased modestly in Paphos and other districts except for a sharp 43% decline in Limassol. For the full year, sales to non-EU nationals declined by 12%.
Historical Context
Leading up to Cyprus's EU accession in 2004, there was a surge in property sales due to foreign interest, peaking at 21,245 in 2007. However, the subsequent global financial crisis led to a significant decline, and Cyprus faced economic turmoil from 2012 to 2013, resulting in only 3,767 properties sold in 2013. Since then, although the market has shown some recovery, challenges such as the COVID-19 pandemic and ongoing issues with title deeds and property repossessions persist.
EU Involvement and Reforms
To address inefficiencies in title deed issuance, specific reforms are being implemented as part of Cyprus's Recovery and Resilience Plan, co-funded by the EU. These reforms include:
- Reviewing pending title deed cases,
- Expanding building permit policies,
- Modifying regulations to curb irregularities,
- Amending property sale laws to ensure timely transfers after contractual obligations are met.