The property market has witnessed a significant increase in new apartment sales during the first nine months of 2024, according to a comprehensive analysis by Landbank Analytics.
The report, based on sale documents submitted to the Department of Lands and Surveys from January to September 2024, reveals a 19.2% year-on-year increase in new residential property sales, totalling 5,253 units.
The total value of new home sales surpassed €1.9 billion, marking a 25% increase compared to the same period in 2023.
All districts in the government-controlled areas of Cyprus reported growth in both volume and value.
New apartment sales reached 4,335 units, with a total value of €1.45 billion, representing a 27.7% increase in volume and a 38.1% rise in value year-on-year.
In contrast, new house sales declined by 9.2% in volume and 2.8% in value, with 918 units sold for a total of 457.2 million euros.
Nicosia district recorded substantial increases in both volume (25.2%) and value (20.6%) of new residential property sales.
Limassol saw a 17% increase in apartment sales volume and a 41% rise in value, despite an 18.5% decrease in new house sales.
Larnaca, Paphos, and the free Famagusta area also experienced growth in the new apartment market, with varying trends in house sales across these regions.
Andreas Christoforides, CEO of Landbank Group, said, “The upward trend in the new apartment market is linked to prevailing economic conditions related to housing costs and loan accessibility. Consequently, young couples are opting for new apartments over houses due to cost and sustainability factors”.
He added that the decline in new house sales, particularly in Paphos, is primarily attributed to foreign buyers of luxury homes.
© In-Cyprus.com
