09.07.2024
The decline in the number of sales in the Cyprus property market in June 2024 was more moderate compared to the previous month.
According to the Department of Land Management and Surveying, there were 1,322 property sales deeds filed throughout Cyprus in June 2024, compared to 1,397 in June 2023, a decrease of 5%. At the same time, for the first half of 2024, the decrease in property sales was limited to 2%, with 7,553 sales documents registered, compared to 7,689 in the first half of 2023.
Limassol recorded 394 property sales in June this year compared to 444 in June last year, representing a loss of 11% . A corresponding decrease (-10%) was recorded in the number of real estate sales transactions in the first half of 2024, which amounted to 2,401 instead of 2,676 in the first half of 2023.
Nicosia recorded 348 sales in June 2024 compared to 312 in June 2023, an increase of 12%. For the period January-June 2024, the growth rate in the capital reaches 24% with 1,762 sales documents against 1,416 in the corresponding period last year.
In Larnaca, the number of residential property sales also increased in June with 274 sales compared to 258 in the corresponding month last year, representing an increase of 6%. In the first half of 2024, 1,576 sales documents were filed in Larnaca , compared to 1,451 documents in the corresponding period in 2023, an increase of 9%.
Paphos recorded the largest decline in property sales at 21%, with 249 properties sold in June 2024 compared to 316 in June 2023. In the first half of 2024, sales in Paphos decreased by 16%, with 1,486 property sales recorded, compared to 1,776 in the first half of 2023.
Property sales in Famagusta fell by 15%, reaching 57% in June this year compared to 67% in June last year. During the period January-June 2024, the number of transactions decreased by 11% to 328 from 370 in the corresponding period last year.
