January 2023 was a record month for Cyprus—the first time since 2007, foreigners bought more real estate than locals. Moreover, there were more buyers from countries outside the European Union.

Foreigners in January 2023 signed 594 contracts of sale of real estate in Cyprus, which amounted to 54% of all sales. Thus, for the first time since 2007, they are ahead of non-Cypriot buyers in terms of buying objects. This is the official data of the national Land and Surveys Division.

If you look at the chart below, it is seen that in 2000, there were almost no deals with foreigners (150 compared with 12,214 deals by local buyers); in 2007, there was a peak of sales to foreigners (more than 11 thousand), then again there was a decline; and now, in 2023, the trend is that the number of sales to foreigners will likely exceed the demand from locals.

The geography of the buyers is noteworthy: foreigners from outside the EU in this January on the Cypriot market has increased by 148% (in January 2022, there were 179 people; in January 2023, there were 444 people), but foreigners from EU member states have concluded, by contrast, fewer deals compared with the previous year—150 contracts in January 2023 against 221 contracts for the first month of 2022.

It is worth noting that in the domestic market, sales also increased: in January 2023, Cypriot citizens executed 497 contracts, compared with 455 contracts in January 2022 (i.e., 9% more).