Cyprus Property Market Report: Foreign Buyers Surge in late 2023

In November 2023, the total volume of property transactions reached 1,768, showing an increase of 19% over the same month last year (1,484 transactions). The number of transactions remained virtually unchanged compared to October 2023 with an increase of 1.7%.

The gross sales value of property transactions in Cyprus exceeded 345 million euros in November, a decrease of 6.4% year-on-year and 1% decrease compared to October 2023.

In November 2023, the number of non-EU buyers in Cyprus exceeded the number of EU buyers by 37%, with a total of 336 people. The overall number of foreign real estate buyers in Cyprus increased by 72% compared to November 2022.

Foreign demand is concentrated mainly in Paphos, which accounts for 37.6% of transactions, followed by Limassol with 25.4% and Larnaca with 20% of transactions. Non-EU buyers mainly seek property in Paphos with 44% of all transactions with non-EU residents.

The anticipated surge in demand for property in Cyprus over the fall/winter period may have been driven by the news of the Republic’s potential membership of the Schengen Agreement in 2024.

Indeed, there is already an increased demand from non-EU buyers for development projects across Cyprus, with the highest numbers recorded in decades, and a significant dominance of non-EU buyers compared to EU buyers.

The demand for property in Cyprus is fuelled by concerns regarding the possible changes or the stricter requirements for non-EU buyers applying for residency-for-investment in the following 1.5–2 years.

Should Cyprus become a member of the Schengen Agreement, the property prices will rise dramatically.

Dmitrii Bozhkov Head of sales Tranio Cyprus