Between January and August 2024, the Cyprus Land Department issued mortgages worth €1.94 billion for 7,212 properties. Compared to the same period last year, when 7,313 mortgages worth €1.98 billion were issued, a decrease of 1.38% in the number of mortgages and a decrease of 2.16% in their total value were recorded.
An analysis of mortgage lending in 2024 shows that the highest number of mortgages were registered in June, while the least activity was observed in January.
- January: 768 properties, totalling €146,547,089.
- February: 860 properties, valued at €229,724,144.
- March: 910 properties, valued at €406,483,726.
- April: 922 properties, valued at €229,622,355.
- May: 885 properties, valued at €221,071,538.
- June: 1,107 properties, valued at €313,260,279.
- July: 959 properties, valued at €211,445,209.
- August: 801 properties, valued at €180,514,148.
June saw the highest mortgage activity, with the largest number of mortgages issued for the maximum amount for the month. In January, on the contrary, the lowest figures were recorded, both in terms of the number and the total amount of mortgages.
Mortgage loans by region
The distribution of mortgages by districts of Cyprus shows that the highest number of mortgages in the first eight months of 2024 were issued in Nicosia, while Famagusta showed the lowest volume of mortgage lending.
- Nicosia: 2,775 properties, valued at €544,370,045.
- Limassol: 1,935 properties, valued at €615,197,139.
- Larnaca: 1,148 properties, valued at €252,295,113.
- Paphos: 910 properties, valued at €334,845,812.
- Famagusta: 444 properties, valued at €183,514,148.
Limassol leads in terms of the total value of mortgages, amounting to more than €615 million, despite the fact that the number of loans issued in this area is lower than in Nicosia. This may indicate that property prices in Limassol are higher.
The decline in the number of mortgages and their total value in 2024 indicates possible changes in economic conditions or strategies of property buyers in Cyprus.
