Real estate: Sales by city with Limassol lagging but still in first place

Real estate sales took an upward turn in the second month of 2024, following a marginal decline in January, with the Cypriot real estate market showing remarkable resilience.

Based on Land Registry data, the number of sales documents filed throughout Cyprus in February 2024 amounted to 1,284 up from 1,131 in February last year, recording an increase of 14%. For the period January - February 2024, sales increased by 5%, reaching 2,340 compared to 2,222 in the corresponding period last year.

Limassol’s share shrinking but still in first place - Paphos on the rise
Limassol remained at the top, with small losses of 5%, with 378 real estate sales this February compared to 398 last February. For the first two months of the year, sales documents submitted in Limassol fell by 7% to 693 compared to 744 in the corresponding two months of 2023.

Sales of real estate in Paphos increased by 17% in February 2024, with 310 sales documents submitted compared to 266 in February 2023, marking an increase of 17%, while for the first two months of 2024 a negligible decrease (-1%) was observed, with 552 sales documents compared to 555 submitted in the first two months of 2023.

The capital impresses

A leap of 47% was recorded in the sales of real estate in Nicosia, which reached 280 this February compared to 190 last February. The capital continues its impressive run, with sales documents for the first part of 2024 reaching 524 compared to 364 in the same half of 2023, marking an equally significant increase of 44%.

Larnaca also found itself on an upward trajectory in February, with 247 sales documents submitted compared to 203 in the same month of 2023, recording an increase of 22%, while for the period January - February 2024 it counted 462 sales documents compared to 428 in the same period of 2023, up 8%.

Losses of a smaller extent (-7%) were measured in free Famagusta, with 69 sales documents submitted this February from 74 last February. For the first two months of 2024, there was a loss of 17%, with 109 property sales compared to 131 sales in the first two months of 2023.

(Source: InBusinessNews)