01.09.2023
The Cyprus Property Registration Board this week presented a comprehensive analysis of property sales trends in Cyprus for the first half of the year. Data obtained from the Department of Lands and Surveys provides valuable insight into the dynamics of the Cyprus property market.
Focusing on four main property categories, as in its quarterly reports, the council documented a total of 11,564 property transactions, including houses, apartments, plots and fields, across all regions of the island during the first half of 2023.
The leading sales categories are field-related transactions, accounting for 42.2% of total sales. This is followed by land plots – 23.5%, apartments – 18.9%, houses – 15.3%. In terms of regional distribution, Limassol holds the highest share of sales at 32.3%, followed by Nicosia with 25.7%. Larnaca comes third with 20.9%, while Paphos and Free Famagusta account for 16.8% and 4.1% respectively. It should be noted that these percentages reflect sales volume and not property value.
“Statistical analysis is a critical tool that contributes to a better understanding of the market,” Marinos said Kineyiru , President of the Cyprus Real Estate Registration Board. “Over the past year and a half, since the council has had access to comparative sales data from the Department of Lands and Surveys, we have placed great emphasis on this data to better inform licensed estate agents and the public,” the council president added.
The report also showed that the Larnaca area performed remarkably well in four main property categories. Of particular note is Larnaca’s dominance in apartment sales in Cyprus, accounting for 28.7% of total apartment transactions.
Meanwhile, according to the council, the Limassol area has played a key role in the development of the property market in recent years. The size of the area and the presence of numerous foreign companies keep demand high. Moreover, despite its connection with large developments, fields continue to be actively sold in Limassol . In the first half of the year, 924 transactions were completed, with field sales in Limassol accounting for 34% of field transactions in the country.
The Nicosia property market remains balanced across four property categories. It is close to Limassol in terms of apartment sales and has a significant share in land sales. Although Nicosia ranks third in house sales, it is only surpassed by Freetown in apartment sales Famagusta , second to Paphos in terms of the volume of real estate transactions.
Regarding the Paphos area, according to the report, the defining characteristic of the Paphos property market in recent years has been the marked increase in house sales.
