Cyprus has set a record for property sales. According to the country's Land Department, 23% more properties were sold than in 2022. Find out more about which cities have become the most popular for home sales and who is buying property in Cyprus

According to the Land Department of Cyprus, there was a real estate boom in March, with 1,352 properties sold at the beginning of spring. This represents a 22% increase compared to the same period last year.

Real estate sales have been increasing for the last few months. There is demand for both residential and commercial properties, as well as land lots.

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The most popular cities

Most of the sales agreements were completed in Cyprus' largest cities: Limassol, Paphos, and Larnaca. Limassol has the highest number of properties sold, while Paphos shows the highest growth rate in sales.

1. Limassol shows a 39% increase in sales, with 507 agreements concluded in 2023 compared to 366 in 2022.
2. In Paphos, sales increased by 43%, with 314 deals recorded in 2023 compared to 220 in the previous year.
3. Larnaca demonstrates a 35% increase in sales in 2023 compared to the previous year, with 256 agreements recorded compared to 190.

However, some cities are unpopular. For example, the demand in Nicosia has fallen by 17% compared to last year. 252 properties were sold in 2022 and 210 this year. The city of Famagusta shows a negative trend with 65 deals in 2023 compared to 74 in 2022.

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Who buys apartments in Cyprus?

Citizens of Russia, Great Britain, and Israel most often become owners of real estate on the island.

What makes Cyprus popular?

Foreigners choose Cyprus for various reasons, among them is climate. Many people dream of living in a resort and enjoying pleasant weather year-round, making Cyprus an attractive place to live.

Another reason is the favourable conditions for purchasing property and obtaining the right to permanent residence. Investing in a property worth 2.5 million euros or more can lead to acquiring Cypriot citizenship in just 90 days.

The purchase of a home of 250,000 euros and a personal annual income from 40,000 euros will make a person a legal resident of the country. In this case, you need to visit Cyprus two or more times a year for 7 years to get citizenship.

Purchasing a home worth at least 250,000 euros and having a personal annual income of 40,000 euros or more can make a person a legal resident of Cyprus. If the person visits Cyprus at least two times per year for seven years, they may be eligible to apply for citizenship.

Consider that the prices for real estate on the island vary. The cost of 2-3 room apartments ranges from 50,000 to 100,000 euros.

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