Cyprus property market boosted by foreign investors — analyst cautions that local needs must be factored in

Despite numerous challenges stemming primarily from rising loan interest rates, persistent inflation, the repercussions of the war in Ukraine, and the ongoing shockwaves of the coronavirus pandemic, the Cyprus real estate market continues to perform well.

According to the latest real estate dynamics in Cyprus report by Delfi Analytics, a member of the Delfi Partners Group, a total of approximately 11,655 property sales were concluded in Cyprus from January to August 2023, with a combined value of nearly €2.8 billion.

Comparing this period to the same timeframe in the previous year, there is a significant 31 per cent increase in property sales to foreign buyers.

Notably, 46 per cent of the document registrations during the first eight months of 2023 originate from foreign buyers, underscoring the market’s appeal to international investors.

George Foukarides, Director of Delfi Properties, explained that “despite persistent challenges beginning to affect it, the Cypriot real estate market continues to display remarkable resilience”.

“Both domestic and international demand for properties remains largely unaffected,” he added.

While the volume of property sales for the first eight months of 2023 is slightly lower (-2.8 per cent) compared to the same period in the previous year, the overall value has increased by 7.1 per cent due to rising property prices.

In terms of regional sales, the Limassol district recorded 3,384 property sales, reflecting a 0.6 per cent increase compared to the same period in 2022.

In contrast, Nicosia district experienced a significant 12.9 per cent decrease in sales volume, whereas Larnaca district, with 2,361 property sales, registered a 10.3 per cent increase.

Property sales in Paphos and Famagusta districts decreased by 4.7 per cent and 1.9 per cent, respectively.

“Regionally, Limassol continues to exert significant influence on the Cypriot real estate market,” Foukarides stated.

“It is also

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