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%.

Property for Sale in Cyprus 12,651 listings on Tranio

From 279,000 €

Apartments in a new gated community next to a golf course, Limassol, Cyprus

Completion in: 2026.III Total of 105 apartments

From 220,000 €

Apartments in a modern residence with a swimming pool in a picturesque area, Limassol, Cyprus

Completion in: 2025.II Total of 43 apartments

From 395,000 €

Complex of villas with swimming pools and gardens near the beaches, Paphos, Cyprus

64 units in total

From 700,000 €

New complex of villas on the first sea line, Paphos, Cyprus

67 units in total

From 235,000 €

Apartments in a new residence with swimming pools 200 meters from the beach, Kisonerga, Cyprus

Total of 36 apartments

From 350,000 €

Apartments in a new low-rise residence with two swimming pools and a spa area 500 meters from the sea, Paphos, Cyprus

Total of 88 apartments

From 748,000 €

Apartments in a high-rise residence on the seafront with swimming pools and a spa center, Limassol, Cyprus

Total of 330 apartments

From 510,000 €

Apartments in a premium boutique project from a leading developer with low entry threshold, Limassol, Cyprus

Completion in: 2026.III Total of 24 apartments

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.

Property for Sale in Paphos 2,917 listings on Tranio

From 395,000 €

Complex of villas with swimming pools and gardens near the beaches, Paphos, Cyprus

64 units in total

From 700,000 €

New complex of villas on the first sea line, Paphos, Cyprus

67 units in total

From 235,000 €

Apartments in a new residence with swimming pools 200 meters from the beach, Kisonerga, Cyprus

Total of 36 apartments

From 350,000 €

Apartments in a new low-rise residence with two swimming pools and a spa area 500 meters from the sea, Paphos, Cyprus

Total of 88 apartments

From 1,315,000 €

Large residence with golf courses, a spa center and an equestrian club on the nature reserve, Paphos, Cyprus

Built in 2020 300 units in total

From 950,000 €

Beachfront complex of villas and apartments, Paphos, Cyprus

Total of 57 apartments

From 1,600,000 €

Gated complex of villas with swimming pools, gardens and panoramic views, Paphos, Cyprus

Built in 2024 17 units in total

From 385,000 €

Apartments in a new gated community with a swimming pool, Paphos, Cyprus

Total of 29 apartments

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

Author: Maksim Skorykh