Cyprus real estate sector picks up in April

Cyprus’ real estate market experienced a notable resurgence in April, rebounding from the previous dip in sales observed in March, according to the latest information provided by the Department of Lands and Surveys.

This positive trend was particularly evident in Nicosia and Larnaca, while Limassol also demonstrated an upward movement, maintaining its lead by a significant margin. Overall, sales reached 5,000 across the island.

According to the department, property sales in April 2024 amounted to 1,366, compared to 1,192 in April 2023, marking a 15 per cent increase.

Cumulatively, for the period January to April 2024, the number of sales documents countrywide reached 4,963, up from 4,766 in the corresponding period last year, reflecting an annual increase of 4 per cent.

Limassol continued to dominate the property sales market, recording 440 sales in April this year compared to 426 in April of the previous year, which represents an increase of 3 per cent.

However, for the first quarter of 2024, sales in Limassol saw a 7 per cent decline, falling to 1,563 compared to 1,677 in the first quarter of 2023.

In contrast, Nicosia and Larnaca witnessed remarkable growth. Property sales in Larnaca surged by 44 per cent, with 309 sales in April compared to 214 in the same month of 2023.

Furthermore, for the first quarter of 2024, sales in Larnaca stood at 1,032, up from 898 in the same period of 2023, marking a 15 per cent increase.

Similarly, Nicosia experienced a significant rise, recording 308 sales in April 2024, up from 216 in April 2023, a 43 per cent increase.

Additionally, sales in the capital city rose by 42 per cent in the first quarter of 2024, reaching 1,121 compared to 790 in the same period of 2023.

Conversely, property sales in Paphos declined, falling by 13 per cent to 252 in April this year from 290 in April of the previous year.

For the January to April period of 2024, sales in Paphos decreased by 11 per cent, totalling 1,026 compared to 1,159 in the same period last year.

Lastly, there were 57 sales documents in April 2024 in the free Famagusta area, compared to 46 in April 2023, reflecting a 24 per cent increase.

However, contrasting this monthly growth, property sales in the free Famagusta area for the first quarter of the year fell by 9 per cent, dropping to 221 compared to 242 in the same period in 2023.