2023 Doing Business in Cyprus (UK Edition)

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DOING BUSINESS C YPRUS 52 UNITED KINGDOM EDITION SPOTLIGHT Cyprus Real Estate The Cyprus real estate industry has continued its strong growth in 2023, underlining robust confidence of both Cypriot and foreign property buyers. Sales reached €672 million in the first nine months of the year, with coastal business hub Limassol, followed by Paphos on the west coast taking the lion’s share of contracts.
DOING BUSINESS C YPRUS 53 UNITED KINGDOM EDITION Cyprus has long been a firm favourite for property buyers worldwide thanks to its high quality of life, safe environment and Mediterranean climate. In addition, the country’s EU membership, its thriving international business centre and strategic position at the crossroads of three continents remain key pull-factors for residential buyers, relocating companies, and investors alike. Property sales have remained strong in the last year despite rising interest rates. In the first three quarters of 2023 real estate sales in Cyprus rose year on year by a robust 19.9%. While Limassol had the largest absolute number of sales in January-September (3,842), the largest increase was in the up-and-coming coastal town of Larnaca, where sales saw a year-on-year increase of 36.4%. Sales to Cypriots continue to dominate, accounting for 54% of the total in the first three quarters of 2023. Sales to Cypriots have been driven both by government subsidies, for example, for first-time buyers, but also by steady growth in the household population. However, in terms of growth, sales to non-EU citizens grew most quickly in 2023, rising by 67.6% year on year in the first nine months of 2023, with reports of increasing demand from Lebanon and Israel. REAL ESTATE SALES BY REGION Contracts of sale unless otherwise indicated Jan-Sep Jan-Sep % change 2022 2023 year on year Nicosia 2,043 2,159 5.7 Limassol 3,315 3,842 15.9 Larnaca 1,734 2,348 35.4 Famagusta 490 567 15.7 Paphos 2,028 2,603 28.4 All Cyprus 9,610 11,519 19.9 Source: Department of Lands and Surveys. © Sapienta Economics Ltd. CYPRIOT AND NON-CYPRIOT PROPERTY SALES Jan-Sep Jan-Sep % change % of total in 2022 2023 year on year Jan-Sep 2023 Cypriot contracts 5,476 6,230 13.8 54.1 EU contracts 1,859 1,476 -20.6 12.8 Non-EU contracts 2,275 3,813 67.6 33.1 Total contracts 9,610 11,519 19.9 100.0 Source: Department of Lands and Surveys. © Sapienta Economics Ltd.
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