The real estate market in Cyprus is still active, and the cost of housing by the sea is still growing. However, now the demand for houses and apartments in Cyprus has changed qualitatively — now the main buyers are investors from non-EU countries. What is happening in the real estate market of Cyprus and the latest statistics are in the article.

According to the Cyprus Main Statistical Committee, the cost of a square meter of housing continues to rise. We have already mentioned that in the first quarter of 2023 (compared to the same period last year) real estate prices increased by 5.9%. At the same time, comparing the end of 2022 to the beginning of 2023, the housing price index rose by 2%.

Cyprus real estate value data

At the same time, in April 2023 alone, the number of construction permits issued by municipal authorities and district administrations exceeded 530. The total value of the properties for which permits were issued was 265.3 million euros and the total area was 149.1 thousand square meters.

In the first four months of 2023, 2,351 construction permits were issued, 6.4% less than in the same period last year. Interestingly, the total value of the properties for which permits were issued increased by 21.6% and the total area by 8.6%.

Price growth is fueled by strong demand, including among foreign investors. Real estate sales in June 2023 increased by 19% compared to the same month last year. A total of 1,397 real estate sales contracts were concluded in the first month of this summer. What is interesting, the most prominent area of Cyprus — Famagusta — does not boast record sales. The highest number of sales was recorded in Limassol (444), followed by Paphos (316), Nicosia (312), Larnaca (258), and only then Famagusta (67).

According to Cyprus Property News, since the beginning of 2023, a total of 67,689 property purchase and sale contracts were concluded in Cyprus, which is 23% more than in the same period last year.

As for foreign capital, there is an interesting trend: EU citizens began to buy property in Cyprus much less often, and non-EU citizens still want to buy an apartment or a house by the sea. For comparison, in the first six months of 2023, foreigners bought 969 real estate, which is 23% less than in the same period of 2022. Sales to non-EU citizens reached 2,608 in the first six months of 2023, an increase of 90% from 1,375 in the same period last year.