According to the Land Department of Cyprus, in September 2013, only 285 properties were sold, which is 36% lower than a year ago. In this case, 208 transactions (73%) were committed by locals and 77 (27%) by foreigners, according to ee24.com citing Cyprus Property News.
Sales decline was observed in all regions of the island. Decrease in Paphos amounted to 56%, in Famagusta - 44%, in Larnaca - 36 %. A slight decrease in the number of transactions was recorded in Nicosia (18%) and Limassol (9%).
Domestic demand on the island decreased by 43% this year, while external demand remained unchanged compared with September 2012. In Paphos and Limassol demand from foreigners even slightly increased - by 25% and 12%, respectively. However, in absolute terms, the increase is not so impressive: there were eight transactions with foreigners in Paphos and two in Limassol.
Hopes were put on a large gas field discovered close to Cyprus. However, the local market continues to decline.
Number of properties sold in Cyprus
| Year |
To foreigners |
To locals |
| 2007 |
11 281 |
9 964 |
| 2008 |
6 636 |
8 031 |
| 2009 |
1 761 |
6 409 |
| 2010 |
2 030 |
6 568 |
| 2011 |
1 652 |
5 366 |
| 2012 |
1 476 |
4 793 |
| 2013 (as of September) |
737 |
1 947 |