Limassol still leading property sales but Laranca registers boom
Marios Ioannou 08:35 - 07 September 2023
The Cyprus real estate market remains on an upward trajectory, with sales registering an increase in almost all cities from the beginning of 2023 until August.
Marginal decrease in sales in Limassol
Based on Land Registry Department data, real estate sales in August this year reached 1,132 throughout Cyprus compared to 972 last August, showing an increase of 16%. For the period January - August 2023, the number of sales documents submitted increased by 20%, reaching 10,183 compared to 8,453 in the corresponding period last year.
Although Limassol remains firmly at the top of the real estate market, it nevertheless recorded a 9% decrease in sales in August 2023, which fell to 327 from 358 in the same month of 2022. Regarding the first nine months of 2023, sales documents submitted for properties in Limassol showed an increase of 18%, as they stood at 3,432 compared to 2,917 in the corresponding period of 2022.
Sales jump in Larnaca
On the other hand, the increase (67%) in property sales in Larnaca could be considered a boom, as sales jumped to 273 this August compared to 168 last August. For the first nine months of the year, sales in Larnaca increased by 36% to 2,050 compared to 1,508 in the first nine months of last year.
Next is Paphos, with 252 sales documents submitted in August 2023 from 218 in August 2022, with the increase rate reaching 16%. Property sales in Paphos in the period January - August 2023 increased by 29%, after reaching 2,314 compared to 1,788 in the same period of 2022.
Property sales in Nicosia remained at similar levels, reaching 208 this August compared to 190 last August, recording a 9% increase, while for the first nine months of the year, they increased by 3% to 1,884 compared to 1,828 in the corresponding period last year.
A 67% jump was recorded in sales documents submitted in the free Famagusta area in August 2023, as they stood at 72 compared to 43 in August 2022. As for the period January - August 2023, property sales increased by 22%, reaching 503 compared to 412 in the corresponding period of 2022.