Despite the accumulated challenges it faces, the real estate sector in Cyprus continued to display its resilience during the third quarter of 2023, during which the Cyprus property market witnessed sales amounting to €438.2 million. The real estate sector in Cyprus has demonstrated resilience and the property market continues to endure, despite the effects of soaring inflation and high interest rates on housing loans. The council’s quarterly real estate market update, which includes comparative property sales data compiled by the Department of Land and Surveys, revealed that a total of 2,910 property transactions were concluded during the third quarter of 2023.
It is worth noting that Cyprus has attracted foreign investors from various countries, including Ukraine, Russia, Lebanon, and Israel. Nicosia district recorded 944 property transactions with a total value of €126.1 million, primarily involving plots of land, apartments, and building plots. In the Limassol district, there were a total of 801 sales, amounting to a cumulative value of €130.5 million, which exceeded the sales figures of all other regions. It is worth noting that land transactions were particularly prominent in this district, with a recorded total of 440 transfers during this period. In the Paphos district, 315 property sales were completed in the third quarter, with a total value of €48.2 million. The majority of these transfers were related to land, with a total of 125 transactions. Larnaca recorded a total of 677 property transfers, with a combined value of €101 million, with the majority of these transactions being land transfers, totaling 290. Furthermore, in the Famagusta district, there were 173 property transactions with a total value of €32.4 million. Notably, there was significant interest in both land (81) and apartments (51).