The Cyprus property market has shown remarkable resilience in the first half of 2024, with property transfers increasing by 8% to reach 9,374 and the transaction value rising to €2.07 billion. Despite a slight decline in sales documents, the second quarter saw a notable 6.3% increase in transfers and a 14.6% rise in transaction value, indicating strong market momentum and robustness in the face of adversity.
How has the Cyprus property market performed in the first half of 2024?
The Cyprus property market has shown resilience with a robust performance in the first half of 2024. Property transfers increased by 8%, reaching 9,374, with the total transaction value rising to €2.07 billion. Despite a slight decline in sales documents by 2%, the second quarter saw a 6.3% increase in transfers and a 14.6% increase in transaction value, indicating strong market momentum.
Market Overview
In the face of various obstacles, the property sector on the sunny island of Cyprus has demonstrated a commendable fortitude. Estate agents across the land have observed a surge in both property transfers and sales, painting a picture of a robust market in the first half of the year 2024. The Cyprus Real Estate Agents Registration Council, drawing on data from the Department of Land and Surveys, reported an 8 percent increase in property transfers compared to the previous year, marking a total of 9,374 successful transfers. Although the value of these transactions saw a more modest increase of 1 percent, the total worth reached a remarkable €2.07 billion.
Interestingly, while the volume of transfers went up, the number of sales documents submitted noted a slight downturn by 2 percent. Yet, the second quarter alone witnessed a 6.3 percent bump in transfers and an even more impressive 14.6 percent increase in transaction value when juxtaposed with the first quarter figures. It’s also worth noting that the second quarter saw 4,831 transfers amounting to over €1.1 billion, underscoring a growing market momentum.
District Highlights
The Cypriot capital, Nicosia, and the coastal city of Limassol stood at the forefront of these positive trends. Nicosia took the lead with 2,623 property transfers, while Limassol wasn’t far behind with 2,417. Not only does this showcase the economic vitality of these regions, but it also reflects a diverse property landscape. Paphos, with its historical allure, followed suit with 1,947 transfers, and Larnaca’s 1,791 transfers highlight its rising appeal. Meanwhile, the Famagusta area, known for its pristine beaches, recorded a modest 596 transfers.
When it comes to filing sales documents, Limassol led the charge with 2,401 documents. Nicosia, Larnaca, Paphos, and Famagusta followed in descending order. In terms of year-over-year performance, Nicosia experienced the most significant sales increase at 24 percent, followed by Larnaca with 9 percent. Conversely, Paphos, Limassol, and Famagusta saw declines in sales figures.
The Council’s Perspective and Resources
Marinos Kineyirou, the chairman of the Cyprus Real Estate Agents Registration Council, remarked on the market’s resilience amidst internal and external pressures. The performance in the second quarter kindled a cautious optimism for the sector’s trajectory. However, the council was also quick to acknowledge that the market still had some catching up to do, considering the stronger performance in 2023. Rising prices and inflation have notably impacted the citizens’ purchasing power, influencing the property landscape.
To aid the real estate industry and public, the council has secured comparative property sales data access for all licensed agents, a move aimed at bolstering market transparency. With quarterly updates, the council ensures that stakeholders remain in the loop regarding market trends in Cyprus, arming them with essential information for decision-making.
Market Dynamics and District Performances
The dynamics within the property market are ever-evolving. Each district’s performance contributes uniquely to the overall health of the sector. Nicosia and Larnaca’s significant increases in sales are pivotal, as they help balance the declines experienced in Limassol and Paphos. Such varied performances across the districts demonstrate the market’s complexity and the numerous factors influencing buyer preferences and investment decisions.
What were the key highlights of the Cyprus property market in the first half of 2024?
In the first half of 2024, the Cyprus property market demonstrated resilience and robustness. There was an 8% increase in property transfers, totaling 9,374, and the transaction value rose to €2.07 billion. Despite a slight decline in sales documents, the second quarter saw a notable 6.3% increase in transfers and a 14.6% rise in transaction value, indicating strong market momentum.
Which districts in Cyprus showed notable performance in the property market?
Nicosia and Limassol were at the forefront of positive trends in the Cyprus property market. Nicosia led with 2,623 property transfers, followed closely by Limassol with 2,417 transfers. Paphos, Larnaca, and Famagusta also recorded significant transfer numbers, showcasing the diverse property landscape across the island.
What initiatives has the Cyprus Real Estate Agents Registration Council undertaken to support the market?
The Cyprus Real Estate Agents Registration Council has provided licensed agents with access to comparative property sales data to enhance market transparency. Quarterly updates are also offered to stakeholders to keep them informed about market trends in Cyprus, enabling better decision-making in the real estate sector.
How have rising prices and inflation impacted the Cyprus property market?
Rising prices and inflation have influenced the purchasing power of citizens in Cyprus, affecting the property landscape. While the market has shown resilience, these economic factors have played a role in shaping buyer preferences and investment decisions in the real estate sector.
