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The results of the last quarter of 2023 on the Cyprus real estate market have been revealed

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The local property market performed robustly, despite all the unfavorable factors.

What has happened

The Cyprus Real Estate Agents Registration Council said the local property market performed quite well in the fourth quarter of 2023, despite inflationary pressures, high interest rates and rising prices.

Details

A total of 3,534 property transfers were completed in the fourth quarter of 2023, according to comparative real estate sales data. The total value of the property transfers was €517.3 million. Moreover, the council noted that 2,907 sales documents were deposited for a total value of €913.6 million.

The numbers by region

In Nicosia, a total of 1,139 property transfers were registered with a total value of €150.4 million. The majority of transactions, the council noted, concerned fields (483) and plots (262).

Limassol comes next with a total number of 916 sales, valued at €149 million, just slightly below the total value recorded in Nicosia. It is noteworthy that there was a significant interest in the fields: a total of 498 such properties were sold.

In Paphos, 479 properties were sold for a total of €78.3 million, with the majority of them involving fields (247).

Larnaca recorded 734 sales totaling €100.4 million, with the majority again involving fields (323), while sales of land (175) and apartments (127) also “remained at a satisfactory level.”

Finally, in the Famagusta area there were 266 transactions totaling €39.2 million. The Council noted that the area had the second highest number of home transfers, with 35 such properties transferred, compared to 39 in Paphos.

The peculiarities

It is worth noting that some properties registered as plots or fields include buildings.

Meanwhile, Limassol dominated in terms of sales document deposits, with both the highest volume (972) and value (€458 million) during the reported period.

Paphos followed with €158.9 million, Nicosia with €139.2 million, Larnaca with €124 million, and Famagusta with €33.5 million.

Quote

The President of the Cyprus Real Estate Agents Registration Council Marinos Kyneyirou, commented on the state of the property market, saying that despite the impact of geopolitical unrest, the property sector continues to flourish.

“The real estate sector is one of the pillars of the Cypriot economy,” 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.

Please read also: Cyprus property market remains buoyant despite challenges

Source: Cyprus Property News

Photo by Nikolai Rubanov on Unsplash

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