PwC has published a report on the situation in the Cypriot real estate market in 2023

What has happened

According to a recent PwC report, the Cyprus property market has demonstrated remarkable resilience and flexibility in 2023. At the same time, the total value of transactions has reached 5.5 billion euros, which appears to be at the same levels as in 2022.

Key facts

• Property sales in the Larnaca area have increased by 22% in value terms, and in the Paphos area by 4% year on year.
• The total value of transactions in the residential real estate sector has reached approximately €3.9 billion, down 1% compared to 2022.
• A total of 6,900 properties in Cyprus were purchased by foreign buyers in 2023, representing an annual increase of 16% (from 5,928 in 2022).

Elite real estate

The high-end residential property segment showed a different picturere, with a notable drop in 2023. An analysis of transaction data for individual residential properties valued at €1.5 million or more showed a significant decrease of 26% compared to 2022.

The data shows that there were  164 transactions registered in this segment  in 2023 with a total value of €440 million.

Sourse: Ekathimerini

Photo by Erik Karits on Unsplash

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