The Cyprus real estate market has experienced a surge in property sales in 2023, with 8,681 property transfers and 9,374 sales documents registered. Limassol leads in sales value, while Nicosia has the highest number of property transfers. Paphos and Larnaca report steady growth, with Famagusta maintaining stability.
What is the current state of the Cyprus real estate market in 2023?
The Cyprus real estate market has shown a strong performance in the first nine months of 2023, with 8,681 property transfers and 9,374 sales documents registered. Limassol leads in sales value, while Nicosia has the highest number of property transfers. Paphos and Larnaca report steady growth, with Famagusta maintaining stability.
Robust Sales from January to September 2023
The first nine months of 2023 have been a period of noteworthy performance for the Cyprus real estate market. Despite various challenges, the sector has demonstrated a remarkable capacity to withstand adverse conditions. A comprehensive review by the Real Estate Agents Registration Council of Cyprus highlighted the market’s vigor during this time.
A Deep Dive into the Numbers
A detailed report from the Department of Land and Surveys revealed that from January to September, the market saw 8,681 property transfers with a combined value of €1.4 billion. Sales documents registered were even higher, reaching 9,374 with a total value of €3.3 billion. Marinos Kyneyirou, the council’s president, responded positively to these statistics, acknowledging the market’s exceptional performance amid less-than-ideal circumstances.
Limassol: The Market Leader
Limassol, a district known for its dynamic real estate scene, maintained its leading position, accounting for 3,435 sales documents. Its property transfers were valued at €462 million, while its sales documents reached a striking €1.85 billion. Nicosia, although it led in the number of property transfers with 2,937, experienced a decrease in both the volume and value of transactions.
Paphos and Larnaca: Steady Market Momentum
Paphos has continued to ride a wave of steady market activity, registering 1,063 property transfers worth €165.3 million and 2,027 sales documents valued at €632 million. Larnaca, not to be overshadowed, also marked substantial growth in the real estate domain, with 1,850 property transfers and 1,892 sales papers, amounting to €266 million and €383 million, respectively.
Famagusta’s Stability in the Market
The smaller Famagusta district also made its presence felt. It showcased stable market activity with 497 property transfers valued at €93 million and 347 sales documents worth €82 million.
By carefully analyzing the patterns and trends within these figures, one can glean insights into the health and direction of the real estate market in Cyprus. The data reflects an intriguing blend of domestic demand and international investment, which together propel the sector forward.
Quick Recap
- The Cyprus real estate market has experienced a surge in property sales in 2023, with 8,681 property transfers and 9,374 sales documents registered.
- Limassol leads in sales value, while Nicosia has the highest number of property transfers.
- Paphos and Larnaca report steady growth, with Famagusta maintaining stability.
- From January to September 2023, the market saw 8,681 property transfers with a combined value of €1.4 billion.
- Limassol accounted for 3,435 sales documents with a value of €1.85 billion, while Nicosia led in property transfers with 2,937.
