Cyprus property market in July 2023: the transitions value has grown by 14% and reached 374 million euro

The Tranio team launches a new section related to analysis of the Cyprus property market. At the end of July 2023, the number of transactions with citizens of non-EU countries is almost comparable to EU residents. This fact means that property in Cyprus is still in demand for investment. According to Dmitry Bozhkov, Head of Sales in Tranio Cyprus department, investors are more actively buying property in Paphos and Larnaca. In these actively developing regions they buy properties for permanent residence in Cyprus, renting and resale.

In July 2023, buyers registered 1,588 property transactions, which is 4.6% more than in the same period in 2022 (1,519 transactions). Compared to June, the number of transactions decreased by 12.6%.

The total value of property sold in Cyprus in July is estimated at over 374 million euro, which is 14% more than in the first half of 2022. The increase in the amount of transactions by June 2023 is equal to 3.1%.

In the first half of 2023, the number of non-EU residents among property buyers in Cyprus reached 1,546. This is 77.7% more than in the first half of 2022. There are 1.47 transactions with non-EU residents per one transaction with EU citizens.