articles | 01 December 2023

Cyprus real estate market sees 9 month high in property sales

The Cyprus real estate market showcased remarkable resilience amid prevailing challenges, marking impressive achievements from January to September 2023, according to a statement by the Real Estate Agents Registration Council of Cyprus.

The council, which also compiled a report based on the most recent data released by the Department of Land and Surveys, noted that comparative sales figures for the aforementioned period underscored the local market’s robustness. The nine-month period observed a total of 8,681 property transfers valued at €1.4 billion, along with 9,374 sales documents totalling €3.3 billion.

Marinos Kyneyirou, president of the Real Estate Agents Registration Council, expressed satisfaction with the latest figures. “It’s gratifying to witness Cyprus’ real estate market performing so well, despite the adverse environment,” the council president said. “The combination of external demand and sustained domestic interest means that the local real estate sector is poised to have another positive year,” Kineyirou added.

The council’s report noted that the Limassol district continues to solidify its status as the driver of the Cyprus real estate market, boasting the highest number of sales documents (3,435) and trailing slightly behind Nicosia in the total number of property transfers (2,334). Notably, the statement continued, Limassol has emerged as the most potent district on the island, at least in the areas controlled by the Republic of Cyprus, recording property transfers of €462 million and sales documents worth €1.85 billion during the nine-month period. 

Elsewhere, Nicosia recorded the highest number of property transfers (2,937) during the first nine months of the year and ranked second to Limassol in terms of value, reaching €409 million. However, when delving into the specifics of sales data, Nicosia experienced a decline in both transaction volume (1,673) and value (€382 million), placing fourth among all districts, behind Limassol, Paphos, and Larnaca. Meanwhile, Paphos has been maintaining its market momentum for over a year, the council explained, registering 1,063 property transfers totalling €165.3 million, combined with 2,027 sales documents valued at €632 million during the nine-month period. Although ranking fourth in terms of property transfer values, Paphos secured the second position in sales document values after Limassol, comfortably ahead of Larnaca and Nicosia. Furthermore, Larnaca also experienced significant progress in its real estate market, evidenced by its performance in the nine-month period. With 1,850 property transfers amounting to €266 million and 1,892 sales documents totalling €383 million, the district secured third place among all other districts.

Finally, despite its smaller size, the Famagusta district’s property market demonstrated stability from January to September 2023, recording a total of 497 property transfers worth €93 million and 347 sales documents valued at €82 million.

Source: Cyprus Mail

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