10.04.2024
The Cyprus property market ended 2023 with 25,400 transactions worth €5.6 billion . The industry was driven by residential real estate transactions, which accounted for 61% of the total market value (€3.4 billion out of 13,200 transactions). Land transactions made a slightly less significant contribution, with 11,200 transactions worth €1.9 billion . This allowed total sales to remain stable despite an increase in transaction volume compared to 2022. Although there were fewer transactions with commercial real estate, they were concluded for higher amounts, amounting to 121 million euros.
Limassol accounted for 41% of total sales in value terms. In other cities, with the exception of Larnaca , sales were slightly lower than the previous year.
Larnaca saw an impressive 28% increase in sales value, driven by both increased transaction volume and higher average transaction value. This is the third year in a row that sales values have increased in the area.
Industry professionals expect minimal changes in the real estate industry in 2024. Apartments remain the preferred choice for investment, although luxury apartments in high-rise complexes may lose their appeal to investors.
George Martides , head of financial advisory and real estate at Deloitte Cyprus, highlighted the resilience of the sector despite economic pressures such as inflation and interest rates.
He stressed the importance of addressing future challenges such as sustainable development, technological advancements, government reforms, bureaucracy and affordable housing through collaboration between the public and private sectors.
