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Cyprus Property Market Report: Foreign Buyers Surge in late 2023

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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%.

Property for Sale in Cyprus 6,586 listings on Tranio
Gated residence at 100 meters from the sea, Chloraka, Cyprus for From 1,750,000 € From 1,750,000 €
Gated residence at 100 meters from the sea, Chloraka, Cyprus

Total of 5 apartments

New villa with a swimming pool and a panoramic view, Armou, Cyprus for From 2,080,000 € From 2,080,000 €
New villa with a swimming pool and a panoramic view, Armou, Cyprus

1 unit in total

Complex of luxury villas near the sea, Paphos, Cyprus for From 1,200,000 € From 1,200,000 €
Complex of luxury villas near the sea, Paphos, Cyprus

10 units in total

New gated residence with a swimming pool in a prestigious area, Limassol, Cyprus for From 242,000 € From 242,000 €
New gated residence with a swimming pool in a prestigious area, Limassol, Cyprus

Completion in: 2026.I Total of 144 apartments

New complex of villas and apartments with an underground parking close to the center of Limassol, Agios Athanasios, Cyprus for From 484,000 € From 484,000 €
New complex of villas and apartments with an underground parking close to the center of Limassol, Agios Athanasios, Cyprus

Completion in: 2024.IV Total of 14 apartments

Residential complex with a swimming pool, gardens and panoramic views, Limassol, Cyprus for From 260,000 € From 260,000 €
Residential complex with a swimming pool, gardens and panoramic views, Limassol, Cyprus

81 units in total

Gated residence with a swimming pool and gardens close to the beach and the city center, Limassol, Cyprus for From 363,000 € From 363,000 €
Gated residence with a swimming pool and gardens close to the beach and the city center, Limassol, Cyprus

Total of 68 apartments

Modern residence close to the center of Limassol, Cyprus for From 425,000 € From 425,000 €
Modern residence close to the center of Limassol, Cyprus

Total of 10 apartments

Graph1

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.

Graph2

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.

Graph3

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.

Property for Sale in Paphos 2,024 listings on Tranio
Gated residence at 100 meters from the sea, Chloraka, Cyprus for From 1,750,000 € From 1,750,000 €
Gated residence at 100 meters from the sea, Chloraka, Cyprus

Total of 5 apartments

New villa with a swimming pool and a panoramic view, Armou, Cyprus for From 2,080,000 € From 2,080,000 €
New villa with a swimming pool and a panoramic view, Armou, Cyprus

1 unit in total

Complex of luxury villas near the sea, Paphos, Cyprus for From 1,200,000 € From 1,200,000 €
Complex of luxury villas near the sea, Paphos, Cyprus

10 units in total

Luxury villa with a swimming pool and a roof-top terrace in the heart of Paphos, Cyprus for From 1,650,000 € From 1,650,000 €
Luxury villa with a swimming pool and a roof-top terrace in the heart of Paphos, Cyprus

1 unit in total

Villa with a swimming pool close to the beach, Chloraka, Cyprus for From 1,200,000 € From 1,200,000 €
Villa with a swimming pool close to the beach, Chloraka, Cyprus

1 unit in total

Luxury villa with a swimming pool and a panoramic view near the golf course, Paphos, Cyprus for 2,450,000 € 2,450,000 €
Luxury villa with a swimming pool and a panoramic view near the golf course, Paphos, Cyprus

Total area 318 m² Land area: 749 m²

Complex of luxury villas in a picturesque area, 500 meters from the sea, Paphos, Cyprus for From 1,650,000 € From 1,650,000 €
Complex of luxury villas in a picturesque area, 500 meters from the sea, Paphos, Cyprus

12 units in total

New complex of villas with a swimming pool and a panoramic sea view, Peyia, Cyprus for From 890,000 € From 890,000 €
New complex of villas with a swimming pool and a panoramic sea view, Peyia, Cyprus

Completion in: 2026.III 30 units in total

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 Dmitrii Bozhkov Head of sales Tranio Cyprus
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