Despite the accumulated challenges it faces, the real estate sector in Cyprus continued to display its resilience during the third quarter of 2023, the Real Estate Agents Registration Council said on Wednesday.

In addition, the council’s president, Marinos Kineyirou, noted that the impact of the war in the Middle East on the local property market is expected to become clearer in the coming months.

According to comparative property sales data compiled by the Department of Land and Surveys and presented in the council’s quarterly real estate market update, a total of 2,910 property transactions, with a total value of €438.2 million, were concluded during the third quarter of 2023.

marinos kineyirou

Council for Registration of Real Estate Agents president Marinos Kineyirou

Marinos Kineyirou, the president of the Council of Licensed Real Estate Agents, commented on the sector’s resilience, stating that the real estate market continues to demonstrate its strength across all cities and regions of Cyprus.

“Despite the obvious impact of soaring inflation on people’s purchasing power, combined with the high interest rates on housing loans, we can see that the property market continues to endure,” Kineyirou said.

“We are expecting to see the effects of the war in Israel in the coming months,” he added.

It should be noted that Cyprus has seen an influx of foreign investors in recent years. These investors span a range of different countries, including Ukraine, Russia, Lebanon, and Israel, among others.

Regarding the local market, the council’s report noted that in the Nicosia district, a total of 944 property transactions were recorded during the third quarter, with a combined value of €126.1 million.

The majority of transactions involved plots of land (382), apartments (218), and building plots (213).

In the Limassol district, the total number of sales reached 801, with a cumulative value of €130.5 million, surpassing all other regions. Notably, land transactions were prominent in this district, with 440 transfers being recorded during this time.

In the Paphos district, 315 property sales were completed during the third quarter, with a total value of €48.2 million. The vast majority of these transfers were related to land (125).

In Larnaca, a total of 677 property transfers were recorded, with a combined value of €101 million, of which the majority were land transactions (290).

What is more, in the Famagusta district, 173 property transactions worth €32.4 million were carried out, with a notable interest in land (81) and apartments (51).

The council also stated that during the third quarter of 2023, 2,983 sales documents, with a total value of €1 billion, have been submitted.

The Council of Licensed Real Estate Agents also explained that it has secured access to the comparative property sales data from the Department of Land and Surveys for all licensed real estate agents.

“This is part of the council’s ongoing efforts to increase transparency and information availability for both professionals and the general public,” the council said.

“The council presents sector data on a quarterly basis to provide continuous updates on the real estate market in Cyprus,” it concluded.