04.03.2024
The Cyprus property market has demonstrated remarkable resilience and flexibility in 2023, with total transaction value reaching €5.5 billion, the same level as in 2022.
PwC unveiled its annual report on the Cyprus property market on Thursday and the press release said the Larnaca area in particular recorded a 22% increase in transaction values, while the Paphos area recorded a 4% year-on-year increase.
In 2023, the value of transactions in the residential real estate sector reached approximately 3.9 billion euros, which is 1% less than in 2022. Of the 14,600 transactions, 9,600 involved the sale of apartments, and 5,000 involved the sale of houses. The residential real estate sector accounted for 69% (up from 70% in 2022) of the total transaction volume in this sector. The sector’s performance was driven by increased activity in the land segment, with land transaction volumes showing year-on-year growth of 11% (2023: €1.3 billion).
In 2023, foreign buyers purchased a total of 6,900 properties in Cyprus, representing an annual increase of 16% (2022: 5,928).
The luxury residential property segment recorded a notable decline in 2023: analysis of transaction data for single residential properties valued at ≥ €1.5 million indicates a decline of 26% compared to 2022.
The data shows that during 2023, 164 transactions were recorded in this segment with a total value of EUR 440 million. The contribution of this segment to the total amount of transactions was only 8%.
“The real estate sector in Cyprus is expected to play a significant role in our country’s new economic model,” said PwC Cyprus CEO Philippos Sosseilos.
