08.05.2023
Real estate sales reached 1.7 billion euros in the first quarter of 2023, according to the Real Estate Agents Registration Board, which notes that the real estate market remains resilient despite the accumulated problems.
The Real Estate Agents Registration Board notes that 6,188 real estate transactions worth €1.7 billion were sold in the first quarter of the year, roughly equal to the value of properties sold in the fourth quarter of 2022. The fourth quarter of 2022 was the best for the entire year in terms of sales. For comparison, in the first quarter of 2022 real estate was sold for 1.3 billion euros.
In Nicosia, 1,597 transactions were sold for €257.5 million. However, a decrease in the value of real estate transactions was recorded compared to the first quarter of 2022, when transactions totaling €313 million were processed.
On the other hand, in Limassol , 2,097 transactions worth 908 million euros in the first quarter increased markedly year on year. In the same quarter of 2022, properties sold in Limassol amounted to 587 million euros.
Paphos recorded an increase in the value and volume of transactions, with sales exceeding 250 million euros. More than 200 million euros in sales were made in Larnaca, up from 145 million euros in the same period in 2022. The Famagusta area recorded a slight increase to 57.3 million euros from 54 million euros in the 1st quarter of 2022.
