Cyprus real estate market sees 3,534 property transfers worth €517.3 million

The Cyprus Real Estate Agents Registration Council on Friday said that the local property market performed robustly during the fourth quarter of 2023, despite inflationary pressures, high interest rates, and soaring property prices.

According to the comparative property sales data compiled and presented in the council’s quarterly property market update bulletin, a total of 3,534 property transfers were concluded during the fourth quarter of the previous year. The property transfers had a total value of €517.3 million.

What is more, the council noted that 2,907 sales documents were deposited, amounting to €913.6 million in total.

Looking at each district, the report showed that Nicosia saw a total of 1,139 property transfers being recorded, with a total value of €150.4 million. The majority of transactions, the council noted, involved fields (483) and plots (262).

Limassol followed closely with 916 total sales, reaching a value of €149 million, only slightly below the total value recorded in Nicosia.

Notably, there was significant interest in fields, with a total of 498 of such properties being sold.

Moreover, Paphos witnessed 479 property sales, totalling €78.3 million during the fourth quarter, with the majority involving fields (247).

In Larnaca, 734 sales were recorded, amounting to €100.4 million, with the majority again concerning fields (323), while land (175) and apartment (127) sales also “remained at satisfactory levels”.

Finally, in the Famagusta district, 266 transactions took place, with a total value of €39.2 million. The council noted that the district ranked second in home transfers, with 35 such properties being transferred, compared to Paphos’ 39.

It’s worth noting that several properties registered as plots or fields include buildings within them.

Meanwhile, Limassol dominated in terms of sales document deposits, with both the highest volume (972) and value (€458 million) during the reported period.

Paphos followed with €158.9 million, Nicosia with €139.2 million, Larnaca with €124 million, and Famagusta with €33.5 million.

President of the Cyprus Real Estate Agents Registration Council Marinos Kyneyirou commented on the property market’s performance, stating that despite the impacts of precision and geopolitical unrest, the real estate sector continues to thrive.

“The real estate sector is one of the pillars of the Cypriot economy,” Kineyirou said.

“Therefore, it is crucial for both property owners, through the rationalisation of their prices, and the government, through its policies, to ensure its sustainability,” he added.

Furthermore, the announcement noted that “the Real Estate Agents Registration Council, in its ongoing efforts to enhance transparency and information for professionals and the public, secured access to the Department of Lands and Surveys’ comparative property sales data for all licensed real estate agents”.

“The council presents sector data every quarter to provide continuous updates on the real estate market’s trends in Cyprus,” the announcement concluded.