03.01.2024
The number of property sales in Cyprus in 2023 reached the highest level on record since 2007. A total of 15,567 property sales contracts were referred to the Department of Lands and Surveys.
In 2007, sales reached a record 21,245 properties. But then the global financial crisis led to a drop in real estate sales around the world.
In Cyprus, property sales declined until the island suffered a financial crisis in 2012/13. In March 2013, a trio of international creditors (the European Commission, the International Monetary Fund and the European Central Bank) and Cyprus agreed on a €10 billion bailout package. In exchange for help, the troubled bank Laiki The Bank was closed, uninsured bank deposits were seized, and what was left of Laiki Bank , was transferred to the Bank of Cyprus. Due to the difficult economic situation, only 3,767 properties were sold in 2013.
The property market has improved since 2013, but there are still “challenges” including the impact of the COVID pandemic in 2020, the notorious Golden Passport scheme, as well as long-standing problems with title deeds, repossessions and bad loans.
Property for sale in December 2023
Property sales in December, measured by the number of contracts deposited at land registry offices, rose 2% compared with December 2022, according to official data from the Department of Lands and Surveys. But while sales in Nicosia, Larnaca and Famagusta increased by 40%, 15% and 1% respectively, sales in Paphos and Limassol fell by 24% and 12% respectively compared to December 2022.
Annual real estate sales in 2023
For the twelve months of 2023, sales reached 15,567 units; recorded an increase of 16% from the 13,409 achieved in 2022, despite repeated interest rate hikes and the economic fallout from wars in Ukraine and Israel.
