06.04.2024
The real estate market returned to the decline in sales in March after an annual growth of 14% recorded in February, however, maintaining its dynamics. With the exception of Nicosia, where sales continue to grow, and Larnaca , where sales remained stable, the remaining provinces recorded losses.
According to the Department of Cadastre and Land Management, property sales throughout Cyprus reached 1,257 units in March this year from 1,352 in March last year, recording a decline of 7%. For the first quarter of 2024, real estate sales stabilized at 3,597 units, compared to 3,574 units in the corresponding quarter of 2023 (up 1%).
Losses of 15% were recorded in Limassol , with 430 property sales in March 2024 compared to 507 in March 2023. During the period January-March 2024, the number of real estate transactions in Limassol fell by 10% to 1,123 compared to 1,251 in the corresponding period last year.
In Nicosia, 289 sales documents were filed in March this year, compared to 210 in March last year, an increase of 38%. Even greater is the increase (42%) in property sales in the capital in the first quarter of 2024, which amounted to 813 properties from 574 in the same period in 2023.
Larnaca was also one of the leaders in terms of sales volumes in March, with 261 transactions completed compared to 256 in the corresponding month last year, an increase of 2%. Moreover, property sales in Larnaca grew by 6% in the first quarter of 2024, as they reached 723 units from 684 in the corresponding period last year.
In Paphos, sales were down 29% with 222 property sales submitted in March this year compared to 314 in March last year, and sales for the first quarter of 2024 fell 11% to 774 transactions compared to 869 in the first quarter 2023.
Property sales in Famagusta fell 15% in March 2024 to 55 transactions from 65 in the same month in 2023, while sales in the first quarter fell 16% to 164 compared to 196 in the same period last year.
