The Cyprus Real Estate Market: Key Insights from Q4 2023
The Cyprus real estate market experienced strong performance in the fourth quarter of 2023, despite economic challenges such as inflation, high interest rates, and rising property prices. According to the Cyprus Real Estate Agents Registration Council, 3,534 property transfers were recorded, totaling €517.3 million. Additionally, 2,907 sales documents were filed, reaching a total value of €913.6 million. These figures highlight key insights from Q4 2023, showing resilience and continued growth in the sector.
The Cyprus Real Estate Market: Key Regional Insights from Q4 2023
Nicosia: Steady Market Activity
Nicosia recorded 1,139 property transfers, with a total value of €150.4 million. Most transactions involved 483 fields and 262 plots, reflecting steady land investment.
Limassol: A Leading Market Player
Limassol led with 916 property transfers, valued at €149 million. The majority of transactions involved fields, with 498 sales, reinforcing Limassol’s strong position in the Cyprus real estate market.
Paphos: Growth in Land Transactions
Paphos recorded 479 property transfers, totaling €78.3 million. Of these, 247 transactions involved fields, signaling growing interest from investors.
Larnaca: Balanced Market Growth
Larnaca registered 734 property transfers, valued at €100.4 million. The most notable transactions included 323 fields, 175 plots, and 127 apartments, reflecting a diverse market.
Famagusta: Modest but Stable Growth
Famagusta recorded 266 transactions, totaling €39.2 million. The district ranked second in home transfers, with 35 transactions, just below Paphos, which led with 39 home sales.
Sales Document Deposits Reflect Market Strength
The Cyprus real estate market attracted significant investment in Q4 2023, as seen in the sales document deposits:
- Limassol led with 972 deposits, amounting to €458 million.
- Paphos followed with €158.9 million in deposits.
- Nicosia recorded €139.2 million, while Larnaca reached €124 million.
- Famagusta had the lowest deposits, totaling €33.5 million.
Key Insights from the Cyprus Real Estate Market in Q4 2023
Mr. Marinos Kyneyirou, President of the Cyprus Real Estate Agents Registration Council, emphasized the market’s resilience. He noted that despite economic pressures, the real estate sector remains a pillar of the Cypriot economy.
“The real estate sector is one of the main drivers of economic growth in Cyprus,” Mr. Kyneyirou stated. “For this reason, property owners should adopt rational pricing, while government policies must support market stability.”
Improving Transparency in the Cyprus Real Estate Market
The Council is working to increase market transparency by securing access to comparative property sales data from the Department of Lands and Surveys. This initiative benefits licensed real estate agents and investors by providing accurate market insights. Additionally, the Council releases quarterly reports, offering valuable updates on key real estate trends in Cyprus.
The Future of the Cyprus Real Estate Market
The Cyprus real estate market showed strong performance in Q4 2023, with Limassol leading in high-value transactions, while other districts demonstrated steady growth. Moving forward, continued investment, greater market transparency, and strategic government policies will be key to maintaining market stability and long-term growth.
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