The Cyprus real estate market records 3,534 transactions valued at €517.3 million.

The Cyprus Real Estate Agents Registration Council reported a strong performance in the local real estate market for the fourth quarter of 2023, despite challenges such as inflation, elevated interest rates, and rising property prices. The council’s quarterly property market update revealed that there were 3,534 property transfers with a combined value of €517.3 million during the last quarter of the year. Additionally, 2,907 sales documents were filed, representing a total value of €913.6 million.

In Nicosia, there were 1,139 property transfers registered, with a total value amounting to €150.4 million. The council observed that the majority of these transactions consisted of 483 fields and 262 plots.

Following closely, Limassol reported 916 property transactions, reaching a total value of €149 million, slightly less than the total recorded in Nicosia, with a significant portion of sales being fields, totaling 498.

In Paphos, the property market saw 479 sales, with a cumulative value of €78.3 million during the last quarter, predominantly involving 247 fields.

In Larnaca, a total of 734 sales transactions were registered, with an aggregate value of €100.4 million. The majority of these transactions involved fields (323), with sales of land (175) and apartments (127) also maintaining satisfactory levels, according to the council’s report.

In the Famagusta district, there were 266 transactions recorded, totaling a value of €39.2 million. Notably, the council pointed out that Famagusta ranked second in terms of home transfers, with 35 properties being transferred, which is slightly less compared to the 39 home transfers recorded in Paphos.

It is important to recognize that a number of properties classified as plots or fields also contain buildings on them, indicating the diversity within the real estate transactions.

Limassol led in terms of sales document deposits, marking the highest in both quantity (972) and total value (€458 million) throughout the period under review.

Following Limassol in sales document deposits were Paphos with €158.9 million, Nicosia with €139.2 million, Larnaca with €124 million, and Famagusta with the lowest at €33.5 million.

Mr. Marinos Kyneyirou, the President of the Cyprus Real Estate Agents Registration Council, remarked on the resilience of the property market. He noted that despite the challenges posed by inflation and geopolitical tensions, the real estate sector in Cyprus has continued to exhibit robust growth.

The real estate sector is one of the pillars of the Cypriot economy,” Mr. Kineyirou said. “Therefore, it is crucial for both property owners, through the rationalisation of their prices, and the government, through its policies, to ensure its sustainability,” he added. Furthermore, the announcement noted that “the Real Estate Agents Registration Council, in its ongoing efforts to enhance transparency and information for professionals and the public, secured access to the Department of Lands and Surveys’ comparative property sales data for all licensed real estate agents”. “The council presents sector data every quarter to provide continuous updates on the real estate market’s trends in Cyprus,” the announcement concluded.

 

Compare listings

Compare