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More foreigners are buying property especially in Paphos

Although Limassol tops the list when it comes to the number of properties sold in Cyprus so far this year, Paphos is king in terms of the percentage of property being sold to non-Cypriots.

Islandwide, sales to non-Cypriots numbered 1,413 between January and August, a 44% increase on last year’s figure. This also means that non-Cypriot buyers make up around one third of the 4,921 total.

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Between January and August this year, 529 sales documents connected to non-Cypriot buyers were submitted to the Land Registry Department for Paphos alone, a 57.4% increase on last year’s 336 over the same period.

In Limassol, the figures stands at 467 compared to 312 over the same period in 2016, constituting a 49.7% rise.

Limassol had more sales overall (to Cypriots and non-Cypriots) with documentation connected to 1,805 submitted compared to Paphos’ 1,243.

In Nicosia, non-Cypriot buyers numbered 87 between January and August, amongst 784 buyers overall. The number of foreign buyers in the capital rose by 13.5% while there was a 23% increase on overall property sales.

In the Famagusta District, the 299 property sale documents submitted created a 19% increase on the first eight months of last year while there was a 59.4% increase in foreign buyers.

Property sales in Larnaca dropped overall (by 8% from 861 to 790) even though there was a 17% increase in the percentage of foreign buyers who number 228 compared to 195 over the same period last year.

 

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