11.07.2023
The value of real estate sold in the second quarter of 2023 reached 1.52 billion euros. This fact is reflected in the Cadastre and Survey Department’s comparative real estate sales data, which are processed and presented in the quarterly Real Estate Market Bulletin by the Real Estate Registration Department.
In particular, in the second quarter of the year, real estate in the amount of 1.52 billion euros was sold as a result of 5,974 transactions. Compared to the first quarter of the year, a decrease was recorded both in the value of sold real estate and in the volume of transactions. On an annualized basis, in the second quarter of 2023, the volume of transactions is at about the same level as in the corresponding quarter of 2022, but the value of real estate sold is significantly higher compared to last year (1.2 billion euros).
The provinces of Nicosia and Famagusta are the only ones that recorded an increase in the value of properties sold in the second quarter of the year compared to the first. Nicosia recorded an increase in the value of real estate sold (299.8 million euros), despite a decrease in the volume of purchase and sale transactions (1549). In contrast, in Famagusta, the increase in value (59.7 million euros) is accompanied by an increase in the volume of sales transactions (303).
A significant decline was recorded in the province of Limassol, which is also associated with a slowdown in market returns in the second quarter. In particular, the value of properties sold in Limassol decreased by 200 million euros compared to the first quarter, reflecting a significant decrease in the volume of sales transactions.
In the second quarter, property sales in the provinces of Paphos and Larnaca fell. The decline is more pronounced in the province of Paphos, which lost ground compared to the previous quarter, both in terms of value and sales. In Larnaca, the volume of transactions in the second quarter of the year was higher than in the first, but the value of the property sold was slightly lower.
Trends by province
The four main property categories reflect the trends that prevailed in each province in the second quarter of 2023. As can be seen, the housing market retains a large momentum gained since the beginning of the year. In particular, 845 houses were sold, with the largest volume of sales coming from the provinces of Limassol and Paphos.
Larnaca area is in first place in terms of apartment sales, slightly ahead of Limassol, while the Nicosia area has the most plots sold in the second quarter of the year. Limassol and Nicosia collect the largest amount of land sales. Fields is the property category that gave a boost to the Famagusta market in the second quarter, the only one to show an increase in property sales in the four main categories in the second quarter of the year compared to the first.
