23.07.2024
Despite numerous challenges, the Cyprus real estate market has demonstrated significant resilience and stability in sales during the first half of 2024.
The Cyprus Real Estate Agents Registration Council noted in its latest quarterly bulletin that the volume of real estate transactions in Cyprus increased by 8% during this period, while the value of transactions grew by 1% compared to the same period in 2023.
In the first half of the year, 9,374 transactions were completed, totaling €2.07 billion. Additionally, 7,553 applications for property sales were submitted during this period. However, the number of applications submitted for property sales decreased by 2% compared to the previous year.
In the second quarter of 2024, the volume of real estate transactions increased by 6.3%, and the value of transactions grew by 14.6% compared to the first quarter. Specifically, 4,831 transactions worth €1.1 billion were recorded in the second quarter. Additionally, the number of applications for property sales increased by 10%, from 3,597 in the first quarter to 3,956 in the second quarter.
In Nicosia, 2,623 transactions were registered, totaling €471.8 million, while Limassol saw 2,417 transactions totaling €677.6 million. In Paphos, 1,947 transactions were recorded, amounting to €508 million, in Larnaca—1,791 transactions totaling €308.6 million, and in Famagusta—596 transactions totaling €103.3 million.
Limassol led in the number of submitted sales applications (2,401), followed by Nicosia (1,762), Larnaca (1,576), Paphos (1,486), and Famagusta (328). The highest annual growth in sales was observed in Nicosia (24%) and Larnaca (9%). In Paphos, Limassol, and Famagusta, sales declined by 16%, 10%, and 11%, respectively.
Marinos Kineyrou, Chairman of the Cyprus Real Estate Agents Registration Council, stated that “the real estate market has maintained its momentum despite numerous internal and external challenges. The significant growth in sales in Nicosia and Larnaca is crucial as it partially offsets the losses in Limassol and Paphos,” he added.
