07.06.2024
The real estate market was not very active in May this year, with all cities recording annual losses ranging from 7% to 30%, while during the first five months sales remained at the same level compared to the corresponding period in 2023.
Property sales in Cyprus reached 1,268 transactions in May 2024 compared to 1,526 transactions in May 2023, a decrease of 17%. During the period January-May 2024, the volume of document sales remained virtually unchanged (-1%), reaching 6231 transactions against 6292 in the corresponding period last year.
Significant losses of 20% were recorded in Limassol , with 444 sales in May this year compared to 555 transactions in May last year. In the first five months of 2024, sales documents in Limassol recorded a decrease of 10% to 2,007, compared to 2,232 in the corresponding five months of 2023.
The smallest loss of 7% was recorded in Nicosia, with 293 properties sold in May 2024 compared to 314 in May 2023.
Small losses (-8%) were recorded in Larnaca : in May this year there were 270 sales compared to 295 in May last year, while in the first five months of the year trade documents increased by 9% to 1302 compared to 1193 in the same year period 2023.
The biggest annual property sales losses reached 30% in Paphos, with 211 sales documents filed in May 2024, compared to 301 in May 2023. Sales in the first five months of this year in Paphos fell 15% to 1,237, compared with 1,460 in the first five months of last year.
in Famagusta in May compared to 61 in May last year, a drop of 18%. During the period January-May 2024, trade documents fell by 11% to 271, compared to 303 in the corresponding period last year.
