The outlook for the Cypriot real estate market in 2023 was positive.
According to data from the Comparative Sales Department of the Land Registry and Mapping Department, processed and presented on a quarterly basis by the Council of Real Estate Registrars, the real estate market recorded significant performance throughout 2023, continuing to fuel the growth of the Cypriot economy.
Specifically, during the year, there were 12,215 property transfers nationwide, totaling €1.9 billion, and 12,281 sales contracts were deposited, totaling €4.2 billion.
Marinos Kynegirou, President of the Council of Real Estate Registrars, stated that “despite the significant challenges affecting demand from both domestic and foreign buyers, the Cypriot real estate market has endured and continued to grow. The contribution of the real estate sector to the Cypriot economy is extremely significant, and both property owners, through rationalizing their prices, and the state, through its policies, are called upon to ensure its sustainability.”
Limassol
Of particular importance to the country’s real estate market is the Limassol province, which recorded the highest number of sales contracts (4407) worth over €2.2 billion. Despite ranking behind Nicosia in terms of the number of transfers (3250), it surpasses it in terms of values, totaling €611 million.
Nicosia
Nicosia province recorded the highest number of property transfers in 2023 (4076) and closely followed Limassol in terms of value, amounting to €559.4 million. In the analysis of sales documents, Nicosia province ranks fourth in terms of volume of transactions (2366) and values (€522.2 million) among the five provinces of free Cyprus, behind Limassol and Paphos.
Paphos
Paphos province maintained its momentum in the real estate market throughout 2023, with 1542 property transfers worth €243.3 million and 2524 sales contracts worth €790.9 million. These performances rank Paphos province fourth in terms of volume and value of transfers. However, in terms of sales documents, Paphos ranks second after Limassol, both in terms of values and volume of transactions.
Larnaca
In 2023, the Larnaca province further strengthened its presence in the real estate market. The city of Zenon and the broader province of Larnaca recorded 2584 property transfers worth €366.4 million and 2467 sales contracts worth €507 million.
Famagusta
The smallest province in the Cypriot market, the Famagusta province, saw satisfactory activity in 2023, reflected in 763 property transfers worth €132.2 million and 517 sales contracts worth €115.5 million.