Fewer property transfers but more sale contracts were recorded in the third quarter of 2024, with growth driven primarily by Nicosia and Larnaca, helping to offset losses in Paphos and Limassol.
Data analysed by the Real Estate Agents Registration Council highlights the challenges and outlook of the real estate market during the first nine months of 2024.
According to figures from the Department of Lands and Surveys, processed and published in the Council’s quarterly “Real Estate Market Bulletin,” 14,074 transfers valued at €3.1 billion were completed between January and September 2024, with 11,634 sale contracts deposited at Land Registry offices..
The third quarter of 2024 saw a 2.7% decrease in the number of property transfers and a 5.5% fall in their value compared to the second quarter with 4,700 transfers worth €1.05 billion taking place, while the number of sale contracts (4,081) increased by 3.1% compared to the second quarter’s 3,956.
In comparison to the same period in 2023, the first nine months of 2024 saw a 6.3% rise in transfer volume and a 1.2% increase in transaction value. Additionally, the volume of sale contracts filed in 2024 (11,634) rose marginally by 1% compared to the same period in 2023 (11,519).
Transfers & sales by district
In Nicosia, there were 3,925 transfers with a total value of €693.2 million. Limassol saw 3,736 transfers worth €1.06 billion, Paphos recorded 2,836 transfers valued at €746.6 million, Larnaca had 2,685 transfers worth €455.5 million, and Famagusta had 892 transfers totalling €164.7 million.
In terms of sale contracts, Limassol had the highest volume (3,691) during the first nine months of 2024, followed by Nicosia (2,593). Larnaca (2,497) and Paphos (2,282) were close behind, with Famagusta (571) completing the statistics for this period.
Compared to the same time in 2023, Nicosia recorded the highest annual growth (20%), followed by Larnaca (6%) and Famagusta (1%). However, Paphos saw a significant decline (-12%) along with Limassol (-4%).
The president of the Real Estate Agents Registration Council, Marinos Kinaigeirou, noted:
“The real estate market continues to show resilience, and we hope that the anticipated reduction in interest rates will soon boost local transactions.
“Comparing the third quarter with the second, we observe a decrease in both the volume and value of transfers, but a notable increase in sale contracts. This trend sustains our optimism for improved market conditions ahead. Growth in Nicosia, and later in Larnaca, compensates for the losses in Paphos and Limassol.
“It’s encouraging that Limassol and Paphos managed to limit their losses during the third quarter, while Famagusta, which had seen an 11% drop in sale contracts in the first half, ended the nine months with a 1% increase.
“Overall, the situation in 2024 looks better compared to the same period last year.”
The Council has also secured access for licensed real estate agents to comparative property sales data from the Department of Lands and Surveys, as part of its ongoing efforts to improve transparency and provide comprehensive information to both professionals and the public. The Council shares market data on a quarterly basis to keep stakeholders updated on Cyprus’ real estate trends.
Nine-month 2024 analysis
| District | Nicosia | Limassol | Paphos | Larnaca | Famagusta | Total Cyprus |
|---|---|---|---|---|---|---|
| Transfers | ||||||
| Volume | 3925 | 3736 | 2836 | 2685 | 892 | 14074 |
| Value | €693.2M | €1.06B | €746.6M | €455.5M | €164.7M | €3.1B |
| Sale Contracts | ||||||
| Volume | 2593 | 3691 | 2282 | 2497 | 571 | 11634 |
