16.08.2023
The apartment market throughout Cyprus is showing strong resilience and this trend is reflected in both the value of property and the volume of transactions related to apartments. At the same time, prices for all categories of apartments increased, with the highest growth rates recorded in the studio.
According to Landbank Real estate Metrics (REM), Landbank’s new tool Analytics , which presents statistical data on the performance and trends of the Cypriot property market both globally and by city, the overall Cyprus apartment market recorded growth in the first quarter of 2023. growth was 25.9%, and total sales reached 69.4 million euros.
It is estimated that a total of 496 apartments were sold throughout Cyprus in the first quarter of 2023, with an increase of 7.6% compared to the corresponding period last year.
Great value and area
of these apartments also increased, reaching 41,700 sq.m. an increase of 7.8% compared to the corresponding period in 2022.
The cost of all categories of apartments in the period January-March 2023 increased. In particular, in studios and one-bedroom apartments, the average price increased by 12% compared to the same period in 2022. Three-bedroom apartments increased by 10%, two-bedroom apartments by 9%, and two-bedroom apartments by 9%. Prices for apartments with three bedrooms increased by 6% compared to the corresponding period last year.
Which apartment do they prefer?
All types of apartments in Cyprus are in demand among property buyers. According to transactions by category, with a percentage of 26%, sales of two-room apartments are in the lead. At the same time, sales of one-room and three-room apartments account for 24% and 23% of total sales, respectively. Studio sales accounted for 14% of the total, while sales of apartments with more than three bedrooms accounted for 13%.
The highest figure was recorded in the first quarter of 2023 for sales of three-bedroom apartments, which amounted to €18.7 million, followed by sales of two-bedroom apartments (€16.7 million) and more than three-bedroom apartments (16 .5 million euros). In terms of one-bedroom apartments, sales value was €11.8 million and studios €5.8 million.
