15.04.2024
In the first quarter of 2024, a decline in property sales in Cyprus was recorded. The market reflects the backlog of problems facing the real estate sector and society as a whole under the weight of high interest rates and inflationary pressures that continue to reduce the disposable income of citizens. According to available data from the Department of Cadastre and Land Management of comparative real estate sales, which are processed and presented in the quarterly “Real Estate Market Bulletin” by the Real Estate Registration Council, in the first quarter of the year 4,543 transactions were carried out worth 955.8 million euros and 3,597 sales documents were submitted for approval real estate. There was also a decrease in the volume of sales and purchase documents submitted in the first quarter of 2024 compared to the fourth quarter of 2023 by 11.1%. A slight increase of 1% was also recorded in the volume of sales and purchase documents submitted in the first quarter of 2024 (3597) compared to 2023 (3574).
In Nicosia, 1,245 transactions were recorded with a total value of EUR 198.4 million . In Limassol, 1,202 transactions worth EUR 323.8 million were carried out ; in Paphos – 993 transactions worth 244.4 million euros; in Larnaca – 860 transactions worth 148.4 million euros and in Famagusta – 243 transactions totaling 40.8 million euros.
Regarding real estate sales documents, the largest volume (1123 pieces) in the first quarter of 2024 was recorded in Limassol , slightly less (813) in Nicosia, Paphos (774) and Larnaca (723), and the smallest in Famagusta (164) .
