30.07.2024
The Cypriot real estate market is showing signs of stability in the first half of 2024, with the average transaction value gradually returning to pre-pandemic levels. According to an analysis by Delfi Analytics, a specialized analytical division of Delfi Partners & Company, data from the first half of 2024 indicates an increase in demand among local residents, despite inflationary pressures and rising interest rates. While property purchases by foreigners have decreased by 18.7% compared to last year, sales to Cypriots have increased by 13%, allowing the market to surpass the previous year’s figures. The international market continues to play an important role, accounting for 39% of total sales, and despite the current decline, it is possible that an increase in property sales will be observed in the coming months.
The stability of the market is confirmed not only by the number of transactions but also by their value. According to Delfi Analytics, the total value of transactions registered by April 2024 amounted to €992 million, with an average transaction price of €247,888, compared to a total value of €910 million and an average transaction price of €227,534 for the same period last year. The average transaction value is gradually increasing post-pandemic, and Delfi Analytics suggests that the market is gradually returning to 2019 levels, when the total transaction value was €1.2 billion, with an average transaction value of €301,680.
