Fewer overseas property buyers investing in Cyprus

Far fewer overseas property buyers bought a house in Cyprus during October this year compared to the same month in 2018, new figures show.

The latest data released by the Department of Lands and Survey reveals that the number of overseas property buyers purchasing in Cyprus fell by 19 per cent in October 2019 when compared to a year ago.

Sales to EU citizens fell by 9 per cent, while sales to non-EU citizens fell by 25 per cent.

Overall, 327 foreign buyers purchased a home in the county last month – 133 being EU nationals and the remaining 193 coming from outside the EU.

Although sales to overseas buyers rose in the districts of Larnaca and Nicosia by 13 per cent and 5 per cent respectively, they fell in the remaining three districts. Sales in Paphos fell by 30 per cent, sales in Limassol fell by 26 per cent, while sales in Famagusta fell by 19 per cent.

In spite of the fact the number of overseas property buyers declined in October, during 2019 as a whole there have been more foreigners buying property on the island compared to last year.

During the first ten months of 2019, overseas sales have risen 5 per cent compared to the same period last year.

Last month’s fall in the number of overseas purchasers buying in Cyprus was offset by a 19 per cent rise in the domestic market.

Article published 15th November 2019