23% rise in March sales signals a new dawn for Cyprus real estate

The pace of real estate sales recorded across Cyprus is on the up, with a rise of 23% in March this year, seeing 1,352 sales documents exchanged compared to 1,102 in March 2022.

According to data from the Department of Lands and Surveys, the growth rate for the first quarter of 2023 stands at 19%, with 3,574 sales compared to 3,009 sales in the corresponding quarter of 2022.

Significant rise in Limassol and Paphos

Limassol remained at the top of the Cypriot real estate market, with 507 sales in March 2023 compared to 366 last March, an increase of 39%.

For the period of January - March 2023, Limassol counting 1,251 sales documents compared to 1,019 in the same period of 2022, recording an increase of 23%.

Property sales in Paphos increased by 43% in March, reaching 314 compared to 220 in the corresponding month of 2022, while for the first quarter of 2023 they increased by 33% to 869 compared to 653 in the first quarter of 2022.

In Larnaca, property sales recorded a 35% increase, reaching 256 in March this year from 190 last March. For the first quarter of this year, Paphos counted 684 sales documents being exchanged compared to 512 in the corresponding period of last year, registering an increase of 34%.

The decline continues in Nicosia

Property sales in Nicosia remained on a negative trajectory, recording a decrease of 17%, with 210 sales documents exchanged in March 2023 compared to 252 in March 2022. Regarding the first three months of 2023, the rate of decline in sales in the capital stood at 15%, with 574 sales documents exchanged compared to 673 in the same period of 2022.

Meanwhile, real estate sales in the free Famagusta decreased by 12%, falling to 65 from 74 last March. On the other hand, for the period January - March 2023, sales documents in the free Famagusta increased by 29% to 196 compared to 152 in the corresponding period last year.

(Source: InBusinessNews)