07.09.2023
The Cyprus property market continues to grow: from the beginning of 2023 to August, the number of sales documents increased in almost all cities.
Slight decrease in sales in Limassol
According to the Department of Cadastre and Land Management, property sales in August this year reached 1,132 sales throughout Cyprus, compared to 972 sales in August last year, showing an increase of 16%. During the period January-August 2023, sales increased by 20%, reaching 10,183 units compared to 8,453 in the corresponding period last year.
Although Limassol remains firmly in the lead in the property market, it nevertheless recorded a 9% decline in sales in August 2023 (327 sales versus 358 in the same month of 2022). Regarding the first nine months of 2023, property sales documents in Limassol showed an increase of 18%, amounting to 3,432 compared to 2,917 in the corresponding period of 2022.
On the other hand, the growth in property sales in Larnaca (67%) was sharp, with sales jumping to 273 in August this year from 168 in August last year. In the first nine months of the year, sales in Larnaca rose 36% to 2,050, compared with 1,508 in the first nine months of last year.
In Paphos, 252 property sales were registered in August 2023, up from 218 in August 2022, with a growth rate of 16%. Property sales in Paphos increased by 29% between January and August 2023, reaching 2,314 compared to 1,788 for the same period in 2022.
Property sales in Nicosia remained at the same level, reaching 208 in August this year from 190 in August last year, recording an increase of 9%, and in the first nine months of the year they increased by 3% to 1884 compared to 1828 in the corresponding period last year of the year.
In August 2023 in Svobodnaya Famagusta recorded a jump of 67%: in August 2022 there were 72 from 43. During the period January-August 2023, property sales increased by 22%, reaching 503 compared to 412 in the corresponding period in 2022.
