During the fourth quarter of 2023, the real estate sector demonstrated resilience against opposing pressures from inflation, high lending rates, and high prices.
According to the comparative property sales of the Department of Land Registry and Mapping, processed and presented in its quarterly “Property Market Update” by the Council of Real Estate Agents, there were 3534 property transfers amounting to €517.3 million and 2907 sales contracts deposited amounting to €913.6 million during the fourth quarter of the year
Regional Breakdown:
In the Nicosia district, a total of 1139 transfers were recorded, amounting to €150.4 million. The majority of transactions involved fields (483) and plots (262).
In the Limassol district, total sales reached 916 with a value of €149 million, just slightly below Nicosia. Particularly noteworthy were transactions involving fields (498).
In the Paphos district, sales in the fourth quarter reached 479 with a total value of €78.3 million. The overwhelming majority of transfers concerned fields (247).
In Larnaca, sales amounted to 734 with a total value of €100.4 million. Most involved fields (323), while sales of plots (175) and apartments (127) remained at satisfactory levels.
Finally, in the Famagusta district, 266 transactions were made with a total value of €39.2 million. Famagusta district ranked second in house transfers during the fourth quarter of 2023, with 35 compared to Paphos’s 39.
It should be noted that many properties classified as plots or fields include a building within them.
In terms of sales contract deposits, Limassol had the highest volume (972) and value (€458 million) during the period under review.
In terms of value, Paphos followed with €158.9 million, then Nicosia with €139.2 million, Larnaca with €124 million, and Famagusta with €33.5 million.
The president of the Council of Real Estate Agents, Marinos Kynegirou, commented that despite the evident impact of accuracy and geopolitical disturbances on the sector, it continues to perform.
“The real estate sector is one of the pillars of the Cypriot economy. Therefore, it is very important for both property owners, through rationalizing their prices, and the state, through its policies, to ensure its sustainability.”
It is reminded that the Council of Real Estate Agents has secured access to the comparative property sales of the Department of Land Registry and Mapping for all licensed real estate agents as part of its ongoing efforts to increase transparency and information for both professionals and the public.
The Council presents sector data as derived from the statistics, quarterly, to provide continuous updates to those interested in the Cyprus property market trends.