The Cyprus real estate market continues its upward trajectory as it outpaces last year’s performance. In September 2023, property sales saw a 15% increase compared to the same month in 2022, according to the latest data from the Department of Lands and Surveys. While this surge is promising, some experts note a slight slowdown in the rate of growth, which could shape the market’s future for the remainder of the year.
If the current pace of growth persists, Cyprus is poised to achieve the third-highest number of property sales on record by the end of this year.
In September 2023, a total of 1,336 properties changed hands, including residential dwellings, retail spaces, offices, warehouses, and land. This figure marked a significant jump from the 1,157 sales recorded in September 2022.
Breaking down the numbers by district, Limassol led the way with the highest number of sales at 410, followed by Larnaca (298), Paphos (289), Nicosia (274), and Famagusta (64). Famagusta was the only district to see a decline in sales, with a 15% decrease compared to the previous year.
Taking a broader view, the year-to-date sales for 2023 reveal a total of 11,519 transactions, representing a substantial 20% increase over the same period in 2022. This figure is particularly noteworthy as it marks the highest number of contracts deposited since 2008 when the market recorded 12,245 sales.
The Cyprus property market appears to be in excellent health, with growth seen across all districts. However, observers are keeping a close eye on the rate of expansion, which, if sustained, could propel Cyprus to a remarkable year in real estate. As we move closer to 2024, the market’s resilience and its ability to adapt to changing conditions will be critical factors to watch.
Source: Cyprus Property News