Amidst inflationary pressures and soaring property prices, the Cyprus Real Estate Agents Registration Council reports robust performance in the local property market during the fourth quarter of 2023. Despite challenges, the market demonstrated resilience, reflecting continued investor interest and activity.
According to the council’s quarterly property market update bulletin, a total of 3,534 property transfers were completed during the period, amounting to a substantial value of €517.3 million. Additionally, 2,907 sales documents were deposited, totaling €913.6 million.
Breaking down the data by district, Nicosia led with 1,139 property transfers valued at €150.4 million, followed closely by Limassol with 916 sales totaling €149 million. Notably, there was significant interest in fields, particularly in Limassol and Paphos.
Paphos witnessed 479 property sales, reaching €78.3 million, while Larnaca recorded 734 sales amounting to €100.4 million. Famagusta district saw 266 transactions valued at €39.2 million, ranking second in home transfers.
Limassol dominated in sales document deposits, accounting for the highest volume (972) and value (€458 million) during the period. Paphos, Nicosia, Larnaca, and Famagusta followed suit, reflecting sustained activity across the island.
Marinos Kyneyirou, President of the Cyprus Real Estate Agents Registration Council, emphasised the sector’s importance to the Cypriot economy despite geopolitical challenges. He stressed the need for property owners to rationalise prices and for government policies to ensure sustainability.
In an effort to enhance transparency and information, the council secured access to the Department of Lands and Surveys’ comparative property sales data for licensed real estate agents. This initiative aims to provide professionals and the public with valuable insights into market trends on a quarterly basis.
As Cyprus’s real estate market continues to evolve, stakeholders remain vigilant, adapting to changing dynamics while fostering a resilient and transparent environment for property transactions.
Source: Cyprus Mail