Cyprus real estate market shows steady upward trend

The Cypriot real estate market continues to have a growth trend, displaying a slight increase, according to Land Registry Department figures.

Property sales increased by 15% in September 2023, reaching 1,336 compared to 1,157 in the corresponding month of 2022.

Regarding the period January - September 2023, sales documents filed throughout Cyprus amounted to 11,519 compared to 9,610 in the corresponding period last year, marking an increase of 20%.

More than 30% of the sales were in Limassol

Limassol remains in first place when it comes to real estate sales, occupying more than 30% of the market, with 410 property sales this September compared to 398 last September, registering a small increase of 3%. For the first nine months of the year, sales rose by 16% to 3,842 compared to 3,315 in the same period in 2022.

The dynamics of Larnaca

Larnaca is gaining particular momentum, with 298 sales in September 2023 compared to 226 in the corresponding month of last year, recording an increase of 32%. For the period of January - September 2023, the rise reaches 35% with 2,348 sales documents submitted compared to 1,734 in the corresponding period last year.

Property sales in Paphos increased by 20% this September, reaching 289 compared to 240 last September. For the first nine months of the year, sales documents submitted for properties in Paphos increased by 28%, reaching 2,603 ​​compared to 2,028 in the corresponding period of 2022.

The exception

Nicosia also showed an increase with 275 sales documents submitted in September 2023 compared to 215 in September 2022, with the growth rate being 28%. For the period January - September 2023, the capital city counted 2,159 sales documents submitted compared to 2,043 in the corresponding period last year, registering an increase of 6%.

The only exception to the increase is the free Famagusta, which measures losses of 18%, with only 64 sales this September compared to 78 last September. However, in contrast, sales documents submitted for the first nine months of the year rose by 16% to 567 compared to 490 in the same period in 2022.

(Source: InBusinessNews)