Cyprus real estate council urging property owners to ‘rationalise their prices’

The Cyprus real estate market performed well in 2023, with property transfers totalling €1.9 billion and sales documents amounting to €4.2 billion, the Real Estate Agents Registration Council said on Tuesday.

Marinos Kineyirou, the president of the Real Estate Agents Registration Council, highlighted the market’s strong performance, emphasising its contribution to the growth of the Cypriot economy.

“For yet another year and despite the significant challenges affecting demand from both local and foreign buyers, the Cypriot real estate market has endured and continued to develop,” Kineyirou said.

“The contribution of the real estate sector to the Cypriot economy is exceptionally significant,” he added.

Moreover, Kineyirou said that “property owners are called upon to rationalise their prices, while, at the same time, the government, through its policies, is urged to ensure the sector’s sustainability”.

According to data from the Department of Lands and Surveys, processed and presented on a quarterly basis by the Real Estate Agents Registration Council, 12,215 property transfers were executed nationwide during the year, reaching a total value of €1.9 billion.

In addition, 12,281 sales documents were deposited, reflecting a total value of €4.2 billion.

Limassol, with 4,407 sales documents, was again a pivotal player in the country’s real estate market, surpassing €2.2 billion in value.

Although trailing Nicosia in the number of property transfers (3,250), Limassol outpaced the capital in terms of value, totalling €611 million.

Furthermore, Nicosia recorded the highest number of property transfers in 2023, totalling 4,076, and closely followed Limassol in terms of value, amounting to €559.4 million.

In terms of sales documents, Nicosia ranked fourth among the districts of the areas controlled by the Republic of Cyprus, with 2,366 transactions totalling €522.2 million, placing it behind Limassol and Paphos.

The council also noted that Paphos maintained its momentum in the real estate market throughout 2023, with 1,542 property transfers valued at €243.3 million and 2,524 sales documents amounting to €790.9 million.

Paphos secured the fourth position in both transaction volume and value, while ranking second in sales documents, following Limassol.

What is more, Larnaca further asserted its presence in the Cypriot real estate market in 2023, with 2,584 property transfers valued at €366.4 million and 2,467 sales documents amounting to €507 million.

Finally, Famagusta, the smallest district in the Cypriot market, witnessed satisfactory activity in 2023, reflected in 763 property transfers totalling €132.2 million and 517 sales documents amounting to €115.5 million.