In the face of considerable challenges, Cyprus’ real estate sector has displayed unwavering resilience during the third quarter of 2023, according to the Real Estate Agents Registration Council. The council’s president, Marinos Kineyirou, emphasised that the impact of the ongoing conflict in the Middle East on the local property market is anticipated to become more apparent in the months to come.
During the third quarter of 2023, Cyprus witnessed a total of 2,910 property transactions, amounting to an impressive €438.2 million in value, based on comparative property sales data compiled by the Department of Land and Surveys. The update provided by the council underscores the market’s remarkable performance in the face of economic and geopolitical challenges.
Marinos Kineyirou, President of the Council of Licensed Real Estate Agents, commended the sector’s resilience, highlighting that the real estate market in Cyprus continues to exhibit its strength across all cities and regions. He pointed out, “Despite the obvious impact of soaring inflation on people’s purchasing power, combined with the high interest rates on housing loans, we can see that the property market continues to endure.”
While reflecting on the potential impact of the Middle Eastern conflict, Kineyirou stated, “We are expecting to see the effects of the war in Israel in the coming months.” This war has influenced various aspects of the local market, and its true repercussions are yet to fully materialise.
Cyprus has experienced a significant influx of foreign investors in recent years, hailing from countries such as Ukraine, Russia, Lebanon, and Israel, among others. This international interest has significantly contributed to the resilience of the local real estate market.
Regional Market Highlights
Nicosia District: Recorded a total of 944 property transactions during Q3 2023, with a combined value of €126.1 million, primarily involving plots of land, apartments, and building plots.
Limassol District: Led in both the number of sales (801) and their cumulative value (€130.5 million), with land transactions being particularly prominent.
Paphos District: Completed 315 property sales in Q3, with a total value of €48.2 million, with a focus on land transactions.
Larnaca District: Recorded 677 property transfers, with a combined value of €101 million, predominantly in the form of land transactions.
Famagusta District: Carried out 173 property transactions worth €32.4 million, with a noticeable interest in land and apartments.
The Council of Licensed Real Estate Agents underlined its commitment to enhancing transparency and information accessibility for both professionals and the general public. They have secured access to comparative property sales data from the Department of Land and Surveys, making this information available to licensed real estate agents.
In conclusion, the council emphasised its dedication to providing regular updates on the state of the real estate market in Cyprus. Despite ongoing challenges, the sector remains robust and adaptable, attracting both domestic and international interest.
Source: Cyprus Mail