Demand for Cyprus Real Estate remains high

Dec 04, 2023

According to data from the Comparative Sales Department of the Land Registry and CartoAcil, the real estate market continues to be resilient to challenges.
In particular, the nine-month period of the year saw a total of 8,681 property transfers nationwide with a total value of €1.4 billion and 9,374 sales documents with a total value of €3.3 billion.
Marinos Kineyirou, the President of the Real Estate Registration Council, stated, β€œIt is with great satisfaction that we observe the Cypriot real estate market achieving remarkable performances despite the prevailing negative environment. External demand combined with the maintenance of domestic demand at good levels create expectations for another positive year in the real estate sector.”
Limassol leads
Limassol district confirms its status as the driver of the Cypriot real estate market, registering the highest number of sales documents (3,435) and ranking just behind Nicosia in the number of property transfers (2,334). In terms of values, it is the strongest district, having transferred properties worth €462 million and sales documents worth €1.85 billion in the nine-month period.
The two faces of Nicosia
Nicosia district records the highest number of property transfers (2,937) in the nine-month period and follows Limassol in terms of values, amounting to €409 million.
However, the analysis of sales documents during the nine months reveals a significant decline for Nicosia, both in transaction volume (1,673) and values (€382 million), placing it in the fourth position, behind Limassol, Paphos, and Larnaca.
Paphos maintains momentum
The Paphos district continues to maintain its momentum in the real estate market for over a year, recording 1,063 property transfers worth €165.3 million and 2,027 sales documents worth €632 million in the nine months of 2023.
In terms of transfer values, Paphos ranks fourth, but in sales document values, it stands second, comfortably ahead of Larnaca and Nicosia.
Larnaca on the rise
Larnaca district demonstrates significant achievements in the real estate market in recent months, reflected in the comparative sales for the nine-month period.
With 1,850 property transfers worth €266 million and 1,892 sales documents worth €383 million, it secures the third position in the reported period.
Steady performance in Famagusta
Despite its small size, the real estate market in the free district of Famagusta demonstrates stability during the January to September 2023 period, with a total of 497 property transfers worth €93 million and 347 sales documents worth €82 million.