Cyprus’s real estate market maintained previous year’s levels in 2024, with 19,155 property transfers worth €4.3 billion and 15,797 sales contracts filed nationwide, according to data from the Department of Lands and Surveys.
Year-on-year figures show a 1.8% increase in property transfers and a 1.5% rise in sales contracts, although the total value of transfers decreased by 2.3%.
“2024 was another challenging year for the real estate market”, said Marinos Kineyirou, president of the Real Estate Registration Council.
He noted that despite concerns over the first half’s decline, the year ended with modest gains, primarily driven by performance in Nicosia and Paphos for transfers, and Larnaca for sales contracts.
Limassol remained the market leader despite losses, recording the highest number of sales contracts (5,032) and leading in transfer values at €1.5 billion, although trailing behind Nicosia in transfer volume.
Nicosia demonstrated stability with the highest number of transfers (5,395) valued at €950 million, showing increases of 5.2% in volume and 1.4% in value compared to 2023.
Paphos showed resilience with 3,727 transfers worth €983 million, marking significant increases of 12% in volume and 21.7% in value, despite a 7.9% decrease in sales contracts.
Market challenges included reduced purchasing power, high lending rates, increased construction material costs due to regional geopolitical instability, and sustained high property prices.
Kineyirou said similar difficulties are expected in 2025, but suggested that a reduction in bank lending rates could improve market conditions and benefit the broader economy.
Source: Philenews