2023 Doing Business in Cyprus (UK Edition)

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.