02.02.2024
In the fourth quarter of 2023, the real estate sector demonstrated resilience to the negative pressures of inflation, high lending rates and high prices. According to the comparative real estate sales data of the Department of Cadastre and Geodesy, processed and presented in its quarterly “Real Estate Market Bulletin”, in the fourth quarter of the year, 3,534 transactions worth €517.3 million were completed and submitted, and 2,907 sales documents were submitted for the amount of 913.6 million euros.
Chairman of the Real Estate Agents Registration Committee, Marinos Kinaigiru , noted that despite the fact that the sector is feeling the effects of instability and geopolitical turmoil, it continues to function.
“The real estate sector is one of the pillars of the Cypriot economy. It is therefore very important that both the owners, by rationalizing their prices, and the government, through their policies, ensure that it remains sustainable.”
“The Estate Agents Registration Board, in its ongoing efforts to increase transparency and awareness for professionals and the public, has ensured that comparative Department of Lands and Surveys property sales data is available to all licensed estate agents.” “The Council presents industry data every quarter to provide constant updates on property market trends in Cyprus,” the announcement said.
