A 12% increase in property sales during 2019 was due toCypriots and EU citizens, while the number of sales to non-EU citizens remainedstable. These data, published by the Land Department, show that the growth inreal estate sales in Cyprus can be attributed almost exclusively to theinternal (Cypriot) and foreign markets of the EU.
Local sales
Real estate sales in the domestic market, which accountedfor 57% of all sales, grew by 21% year on year. In percentage terms, Paphos ledwith sales up 55% year on year, followed by Larnaca, where sales grew 26%.Meanwhile, sales in Nicosia grew by 23%, while sales in Famagusta and Limassolgrew by 18% and 10% respectively. But in Limassol, the largest number of saleswas recorded (2321), followed by Nicosia (1693), Larnaca (829) , Paphos (743)and, finally, Famagusta (298). (Please note that some of these domestic salescould be related to the acquisition by banks of property under loanrestructuring agreements, etc.)
EU sales
Real estate sales in the EU overseas market, accounting for15% of all sales, were up 7% year on year. An increase in the number wasrecorded in all areas except Famagusta, where sales fell by 6%, and Paphos,where they remained stable. In percentage terms, Nicosia (the capital) was inthe lead with annual sales growth of 43%, followed by Larnaca (+ 29%) andLimassol (+ 7%). But Paphos recorded the largest number of sales (755),followed by Limassol (286), Larnaca (189), Nicosia (157) and, finally,Famagusta (142).
However, sales to EU citizens over the past 7 months of 2019increased by only 1%; probably as a result of the introduction of strictercriteria for foreigners wishing to obtain a Cypriot passport and citizenship inthe framework of the government "Cyprus Investment Program".
Non – EU sales
Real estate sales to non-EU citizens, which accounted for28% of all sales in 2019, grew by only 0.48% year on year. Although sales inLimassol and Paphos were recorded falling by 12% and 9%, respectively, salesrose in the remaining 3 districts. Sales in Nicosia grew by 23%, while sales inPaphos and Larnaca grew by 12% and 1%, respectively. Paphos recorded thelargest number of sales (1132), followed by Limassol (910). Meanwhile, sales inLarnaca, Famagusta and Nicosia amounted to 550, 213 and 148, respectively.