The Cyprus property market showed stability in the first nine months of 2024, despite fluctuations in transaction volumes and values. According to the Land Department, 14,074 transactions worth €3.1 billion were completed and 11,634 sales contracts were registered between January and September 2024. In the third quarter of 2024, the transaction volume decreased by 2.7% and their total value by 5.5% compared to the second quarter, amounting to 4,700 transactions worth €1.05 billion. However, the number of sales contracts registered (4,081) increased by 3.1% compared to the second quarter (3,956).
Indicators by region
The highest number of transactions was recorded in Nicosia with 3,925 transactions worth €693.2 million, followed by Limassol with 3,736 transactions worth €1.06 billion, Paphos with 2,836 transactions worth €746.6 million, Larnaca with 2,685 transactions worth €455.5 million and Famagusta with 892 transactions worth €164.7 million. The highest volume of sales and purchase agreements was also recorded in Limassol (3,691), with smaller numbers of transactions concluded in Nicosia (2,593), Larnaca (2,497), Paphos (2,282) and Famagusta (571).
In 2024, compared to last year, Nicosia recorded the highest growth in sales (20%), slightly less pronounced in Larnaca (6%) and Famagusta (1%). At the same time, Paphos saw a decline in sales of 12%, and Limassol – by 4%.
Trends and Prospects
Chairman of the Real Estate Agents Registration Board Marinos Kinaigiru noted that the property market remains stable despite the current economic difficulties. He expressed hope that the reduction in interest rates will help to increase demand among local buyers. In the third quarter of 2024, a decrease in transaction volumes was recorded, but on the other hand, the number of registered sales contracts increased. This indicates a potential improvement in market conditions in the future.
