Overseas property
Articles

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

15 views · Updated on
cyprus
ADragan / shutterstock

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 6,587 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

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.

Share the article
Subscribe not to miss new articles

We will send you a content digest not more than once a week

Subscribe
    I confirm that I have read and accept the Privacy Policy and Personal Data Processing Guidelines.
    Done!

    Tranio’s managers offer advice on buying real estate overseas
    Marina Filichkina
    Marina Filichkina
    Head of Sales Tranio Thailand, Europe
    +44 17 4822 0039
    Send a request
      I confirm that I have read and accept the Privacy Policy and Personal Data Processing Guidelines.
      • 0% commission to Tranio
      • Residence permit support
      • Mortgage rates from 1.5%