06.06.2024
The real estate sector has always been vital to the Cypriot economy and has managed to prove its resilience and dynamism during difficult times, as wars, pandemics and the cancellation of the Cyprus Investment Program have not affected the situation. In the Danos report International Property Consultants & Valuers profiles the property sector in Cyprus with data for the second half of 2023.
An important point is that apartments are the driving force of the market, as sales have increased significantly in 2023. In addition, Nicosia and Famagusta experienced an increase in property values, in contrast to other areas.
Residential Properties
In terms of residential property, the housing market in Cyprus continues to grow with increased property sales due to strong domestic demand coupled with the return of foreign investors.
On the other hand, Limassol experienced a significant decline in sales. In particular, the value of properties sold in Limassol decreased by EUR 200 million compared to the first quarter, reflecting a significant decline in sales volumes.
As for Paphos and Larnaca , the property market experienced a decline in the second quarter. Paphos saw the largest decline in both value and volume compared to the previous quarter, while Larnaca saw an increase in transaction volume but slightly lower transaction values.
Undoubtedly, as the figures and the Danos report show , apartments are driving the market: 9,000 transactions were completed during the year, representing an annual growth of 29%.
This demand comes as a result of increased interest from foreign companies in relocating both their operations and personnel to Cyprus, predominantly to coastal cities.
