Real estate sales in 2023: 16% increase, Limassol tops the list as Larnaca rises

Last year ended on a positive note for the Cypriot real estate market, with all districts reporting a significant number of property sales.

According to the data provided by the Land Registry Department, the number of real estate sales in 2023 amounted to 15,567 compared to 13,409 in 2022, recording an increase of 16%, while for the last month of 2023 in particular a slight increase of 2% was observed, with 1,356 sales from 1,335 in the same month of 2022.

One in three sales in Limassol
Limassol remained at the top of the real estate market for another year, attracting 32.7% of sales. The number of property sales in 2023 in Limassol stood at 5,092 from 4,665 in 2022, an increase of 9%. As for December 2023, sales documents filed in Limassol decreased by 12% to 438 from 497 in December 2022.

Next on the list is Paphos, with 3,373 sales or a percentage of 21.6% in the period January - December 2023 compared to 2,876 in the corresponding period of 2022, recording an increase of 17%. In December 2023, the number of sales documents filed in Paphos fell by 24% to 198 from 262 in the corresponding month of 2022.

Jump in Larnaca, Nicosia is on the rise
The real estate market in Larnaca recorded a significant jump last year. More specifically, Larnaca counted 3,185 sales or a rate of 20.4% in 2023 compared to 2,402 in 2022, an increase of 33%, while for the last month of 2023, sales increased by 15% to 265 compared to 230 in the last month of 2022.

Nicosia remains a key player in the domestic real estate market, with 3,105 real estate sales or a rate of 19.9% ​​in 2023 compared to 2,773 in 2022, recording an increase of 12%. In fact, in December 2023, sales documents in the capital skyrocketed to 375 from 267 in the same month of 2022, an increase of 40%.

Finally, the free Famagusta district reported 812 real estate sales or a rate of 5.2% in 2023 compared to 693 in 2022, recording an increase of 17%, while for the last month of last year, a stabilisation was observed, with 80 sales documents submitted compared to 79 in the same month of 2023.

(Source: InBusinessNews)