Cyprus property market resilient despite challenges, say estate agents

Despite numerous challenges, the Cyprus real estate market has shown resilience in the first half of 2024, with a notable increase in activity, according to the Cyprus Real Estate Agents Registration Council.

The council used its latest quarterly property market bulletin to highlight that the volume of property transfers in Cyprus rose by 8 per cent during this time, while the value of transactions increased by 1 per cent, when compared to the same period in 2023.

The council referenced data from the Department of Land and Surveys to show that 9,374 property transfers worth €2.07 billion were completed in the first half of the year. In addition, 7,553 sales documents were filed during the same period.

However, the number of sales documents submitted saw a slight decline of 2 per cent from the previous year.

On a quarterly basis, the second quarter of 2024 showed a 6.3 per cent increase in the volume of transfers and a significant 14.6 per cent rise in transaction value compared to the first quarter.

Specifically, 4,831 transfers valued at €1.1 billion were recorded in the second quarter. Additionally, the number of sales documents rose by 10 per cent from 3,597 in the first quarter to 3,956 in the second quarter.

District-wise, Nicosia recorded 2,623 transfers worth €471.8 million, while Limassol had 2,417 transfers valued at €677.6 million.

Paphos followed with 1,947 transfers worth €508 million, Larnaca had 1,791 transfers valued at €308.6 million, and Famagusta recorded 596 transfers worth €103.3 million.

Limassol led in the number of sales documents filed (2,401), followed by Nicosia (1,762), Larnaca (1,576), Paphos (1,486), and Famagusta (328).

Nicosia saw the highest annual increase in sales (24 per cent), followed by Larnaca (9 per cent). In contrast, Paphos, Limassol, and Famagusta experienced declines of 16 per cent, 10 per cent, and 11 per cent, respectively.

Marinos Kineyirou, chairman of the Cyprus Real Estate Agents Registration Council, said that “the property market maintained its momentum despite numerous internal and external challenges”.

“The second quarter performed better than the first, creating cautious optimism for the future,” he stated.

However, the council president also said that “the first half of 2024 still lags behind 2023, primarily due to the impact of rising prices and inflation on citizens’ disposable income”.

“Nicosia and Larnaca’s significant sales increases are crucial as they partially offset the losses in Limassol and Paphos,” he added.

Meanwhile, in its announcement, the council said that it “has secured access to comparative property sales data from the Department of Land and Surveys for all licensed real estate agents, enhancing transparency and information for professionals and the public”.

“The council releases quarterly updates to keep stakeholders informed about the market trends in Cyprus,” the announcement concluded.