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26th February 2024
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HomeSalesCyprus real estate market not cooling down

Cyprus real estate market not cooling down

Cyprus’ real estate market is not showing any signs of slowing down, fuelled by foreign buyers, as 2023 is close to becoming the best year since 2008 when a global property crisis kicked in.

Real estate has proven resilient, but stakeholders continue to bank on rising foreign investment despite uncertainty prevailing in the economic environment due to the energy crisis, the increase in interest rates and the Middle East war.

As evidenced by Land Registry figures for sales documents, the first 10 months of 2023 were the best on record for the sector since 2008.

According to the data, sales documents filed until October were 12,825, up from 10,781 last year, marking a whopping 36.2% increase.

This is the best ten-month period since 2008 when sales reached 13,261 units.

In comments to the Financial Mirror, Eleni Averkiou of Danos/BNPRE Group said the real estate market continues its upward trajectory, with developments in neighbouring countries not taking a significant toll.

Averkiou pointed out that Limassol dominates in absolute numbers (4,225), maintaining a noticeable difference of more than 45% from Paphos (2,878), and remains the most popular choice for investment.

Sales documents submitted for Larnaca properties were 2,612, up from 1,976 last year.

Paphos sales increased by 25.3%, reaching 2,878 from 2,297.

A 21.8% rise was also seen in property sales in Famagusta, 14.17% in Limassol and 8.3% in Nicosia.

“It is interesting that all the districts, except Nicosia, recorded double-digit growth.

“Notably, it is Larnaca that stands out when it comes to growth,” said the property analyst.

She noted that sales data show a 32% increase in Larnaca compared to last year.

“Looking solely at growth, Larnaca is the champion in attracting new investment interest after seeing leaps and bounds after the end of the pande