09.01.2024
Property in Cyprus continues to attract the attention of investors and buyers, with 2023 a year of significant growth in the market. The total number of property sales in the country in 2023 was 15,567, up 16% from the previous year’s 13,409 transactions. Even the last month of the year saw a slight increase of 2%, with total sales of 1,356 compared to 1,335 in December 2022.
Limassol remains one of the leaders, attracting the largest number of investments and sales. There were 5,092 real estate sales transactions in 2023, up 9% from the previous year. Thus, Limassol attracted 32.7% of sales in the real estate market. However, in December 2023, the number of sale documents filed in Limassol fell by 12% to 438, compared to 497 in December 2022.
Paphos follows Limassol with 3,373 sales or 21.6% of the market in 2023, which also represents an increase of 17% compared to the previous year. However, in December 2023, sales in Paphos fell by 24% to just 198, compared to 262 sales in December 2022.
Larnaca showed significant growth in property sales last year. The total number of sales in Larnaca in 2023 was 3,185 transactions, an increase of 33% compared to 2022. Even in the last month of 2023, sales increased by 15%, amounting to 265 transactions compared to 230 in December 2022.
In Nicosia, there were 3,105 sales in 2023, representing an increase of 12% compared to the previous year. In December 2023, the number of purchase and sale documents in the capital increased sharply to 375, which is 40% more than in December 2022. This indicates stable demand for real estate in this region.
Free Famagusta also showed growth with 812 sales in 2023, an increase of 17% compared to the previous year. The last month of 2023 saw a stabilization of the market, with 80 sales documents, virtually unchanged from the 79 sales in December 2022. Overall, the property market in Cyprus continues to show growth and attract the attention of buyers.
