December results on the Cyprus real estate market
In December, buyers made 2,074 real estate transactions — a maximum of 2 years of observations. 17% more transactions were registered than in November 2023 and 10% more than in December 2022
The amount of real estate transactions in Cyprus in December amounted to more than 446 million euros — a record since January 2022 — 29% more than in November 2023.
In December 2023, the number of non-residents The number of buyers of real estate in Cyprus amounted to 369 people. This is 84% more than buyers from EU countries.
The main trends of 2023 in the Cyprus market
Tranio analysts conducted a study of the demand of buyers of foreign real estate in 2023, according to which the demand of Russians in Cyprus in 2023 increased by 35% compared to 2021. Investors’ interest is stimulated by the Cyprus permanent residence program and news about the republic’s possible entry into the Schengen area.
The demand for real estate is increasing in combination with a limited supply of new facilities on the market — the number of construction permits issued showed a decrease by 2022 throughout 2023 (by an average of 7.5%).
Against the background of a decrease in construction activity, the value of real estate is growing in all coastal regions of the island. According to the Central Bank of Cyprus, year—on—year apartment prices in Limassol increased by 14.9%, in Larnaca – by 13.4%, in Paphos – by 18.5%.
Foreign demand is shifting towards non-EU buyers. If in 2022 the majority of transactions in the real estate market with foreigners were made by citizens of EU countries, then in 2023 it will be formed by non-EU residents: citizens of Israel, Great Britain, Russia.
The increased demand for real estate is generated by both Cypriot citizens (purchase for the purpose of residence or investment) and foreign buyers (investment and relocation).
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