Cyprus Property Market Report: Non-EU Residents Drive Strong Demand for Real Estate in December 2023

In December 2023, the total volume of property transactions reached 2,074, an all-time high in 2 years of observations. The number of registered transactions increased by 17% compared to November 2023 and by 10% year-on-year.

In December, the value of property transactions in Cyprus exceeded 446 million euros, setting a new record since January 2022. The gross sales value was 29% higher than in November 2023.

In December 2023, the number of non-EU buyers in Cyprus exceeded the number of EU buyers by 84%, with a total of 369 individuals. The overall number of foreign real estate buyers in Cyprus increased by 9.6% compared to November 2023.

Property for Sale in Cyprus 17,895 listings on Tranio

From 279,000 €

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

Completion in: 2027.II Total of 105 apartments

From 230,000 €

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

2023 Highlights in the Cyprus Property Market

According to Tranio’s 2023 foreign property demand research, Russian demand in Cyprus surged by 35% in 2023 compared to 2021. The Cyprus recidency-for-investment programme and the Republic’s potential membership of the Schengen Agreement in 2024, attributed to this growth.

The demand for real estate is increasing, but the supply of new properties on the market is strictly limited. The number of building permits issued in 2023 decreased by 7.5%.

Amid the reduced construction activities, property values are rising in all coastal regions of Cyprus. According to the Central Bank of Cyprus, residential property prices surged by 14.9% in Limassol, 13.4% in Larnaca and 18.5% in Paphos.

Foreign demand for property in Cyprus is shifting towards non-EU buyers. While in 2022, the majority of transactions with foreigners were accounted for by EU citizens, in 2023, non-EU residents, such as citizens of Israel, the UK, and Russia, formed the majority.

The increased demand for property is driven by both Cypriot citizens, who purchase for residential or investment purposes, and foreign buyers, whose intention is to invest or relocate.

Author: Maksim Skorykh