02.05.2024
Deloitte report on the property sector in Cyprus, a record was set for the value of 3.4 billion euros, as well as the volume of transactions for residential real estate (13,200 transactions), with annual growth exceeding 4%.
The average value of residential property transactions in 2023 was 259,000 euros, while in 2022 it only slightly exceeded 257,000 euros.
However, the average transaction price in 2023 was lower compared to the record of 271,000 euros recorded in 2019.
Limassol accounted for 43% of total residential real estate activity by value, recording €1.5 billion in sales from a total of 3,700 transactions. The Paphos residential property market was the second most active, with 2,800 transactions worth €0.7 billion.
New residential properties for which title deeds have not yet been issued accounted for 69% of the total value of transactions in the residential real estate market. 45% of new properties are located in Limassol , 21% in Paphos and 15% in Larnaca and Nicosia.
In 2023, a total of 2,800 transactions worth €0.5 billion were registered in Nicosia. The average transaction value was €184,000, less than half of Limassol ‘s €395,000 and a quarter lower than Paphos’ €256,000.
Apartments accounted for 62% of total market value in the residential real estate market in 2023 and 72% of all transactions in this category. The ratio of apartments to houses, both in value and volume, remained at the same level as in 2022 and 2021.
Most transactions were registered for the sale of two-room apartments, while studios/one-bedroom apartments were slightly less popular.
The majority of homes sold in 2023 were less than 200 sqm.
The majority of apartments sold in 2023 (77%) were priced under €250,000, which also appears to be due to the most popular apartment sizes being one or two bedrooms, while 17% of apartments were sold for over €250,000 up to 500,000 euros.
Although the number of apartment transactions increased from 8,900 in 2022 to 9,500 in 2023. The increase was mainly due to transactions with more expensive properties ranging from 250,000 to 1 million euros.
46% of houses sold in 2023 were priced under €250,000, 39% were between €250,000 and €500,000, 11% were priced between €500,000 and €1 million, with only 4% selling for over €1 million.
