30.08.2023
Provincial real estate sales trends are captured by the Real Estate Registration Board in its comparative sales analysis by the Department of Land and Surveying.
In particular, the Council has focused, as in its quarterly reports, on four main categories of real estate. In total, there were 11,564 real estate transactions across all counties in the first half of 2023, covering houses, apartments, lots and fields. Among these transactions, the majority of sales were fields – 42.2% of total sales, followed by land – 23.5%, apartments – 18.9% and houses – 15.3%.
The leader of the rating is Limassol with a share of 32.3% in real estate sales, followed by Nicosia with a share of 25.7%. Larnaca came in third with 20.9%, followed by Paphos with 16.8% and the Famagusta area with 4.1%. It should be noted that these percentages refer to the volume of sales and not the value of the property.
Limassol collects the most sales with a percentage of 32.3%, followed by Nicosia with 25.7%, in third place is Larnaca with 20.9%, followed by Paphos with 16.8% and finally Famagusta with 4.1 %. It is noted that specific percentages relate to the volume of sales, and not the value of the property.
President of the Board of Registration of Real Estate Agents Marinos Kinaigiro said:
“Statistical data analysis is a very important tool that contributes to better market visualization. Over the past 1.5 years, when we, as the Board of Real Estate Registration, have gained access to the comparative sales of the Cadastre and Land Management Department, we have placed particular importance on the data we receive and process in order to obtain the best information about licensed real estate for real estate agents and the public.”
The Board notes that the Limassol area has played a catalytic role in the development of the property market in recent years. The size of Limassol and the active presence of foreign companies support strong demand. Despite the city and suburbs being associated with massive developments, Limassol continues to achieve strong local sales figures. With 924 completed deals in this category in the first half of the year, it accounted for 34% of local sales across the island. Conversely, the real estate market in the Nicosia area remains stable across all four property categories. However, the Council notes that Nicosia lags behind in the volume of transactions with apartments, overtaking only Famagusta , and ranks third after Paphos in home sales.
Increasing home sales have become a defining feature of the market in the Paphos area in recent years. This is also reflected in the statistics, which show that one in four home sales in the first half of 2023 took place in the Paphos area.
