Demand for real estate in Cyprus is still significant

Overcoming obstacles, Cyprus's real estate market has shown its strength with an exceptional performance from January to September 2023.

The Comparative Sales Department of the Land Registry and Cartography has released statistics indicating that the Cypriot real estate market performed very well between January and September of 2023. Despite obstacles, the market is robust and is experiencing strong activity.

8,681 property exchanges totaling a significant €1.4 billion in value occurred across the country over this nine-month period. 9,374 sales documents totaling an astounding €3.3 billion were processed at the same time.

"The impressive performance of the Cypriot real estate market, despite obstacles, is a positive indicator," said Marinos Kineyirou, president of the Real Estate Registration Council, expressing his happiness. The foundation for the industry's future success is the strength of both local and international demand."

Limassol is at the top

Standing as an important driver in the Cypriot real estate market, Limassol secured the most sales documents (3,435) and is behind Nicosia in terms of property transfers (2,334). Limassol is the district with the strongest values throughout the nine months, with a total transfer value of €462 million and sales documents totaling €1.85 billion.

Nicosia’s two faces of real estate dynamics

The district of Nicosia, which ranks second in values (€409 million) and first in property transfers (2,937), has seen a significant decline in sales document activity. Nicosia drops to fourth place, after Paphos, Larnaca, and Limassol, with 1,673 transactions totaling €382 million.

Paphos continues to grow

The district of Paphos has been seeing growth in the real estate market for more than a year. With 2,027 sales documents valued at €632 million and 1,063 property transfers for €165.3 million recorded in the first nine months of 2023, Paphos easily overtakes Larnaca and Nicosia to take second place in terms of sales document values.

Larnaca moves up on the list

The district of Larnaca has accomplished quite a bit lately, ranking third in terms of comparable sales during the last nine months. In the Cypriot real estate market, Larnaca is rising, with 1,850 property transfers valued at €266 million and 1,892 sales documents totaling €383 million.

Consistent outcomes in Famagusta

In January to September 2023, the free province of Famagusta's real estate market shows stability despite its small size. Famagusta consistently improves the overall performance of the Cypriot real estate market, with 497 property transfers valued at €93 million and 347 sales documents totaling €82 million.