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2024

Property sales in Cyprus up 1.8 per cent in first half of 2024

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The Cypriot real estate market has demonstrated signs of stability and resilience during the first half of 2024, with the average transaction value gradually approaching pre-pandemic levels, according to a report released on Tuesday by Delfi Partners’ analytics division.

The company reported that new property sales reached 7,553 in the first half of 2024, marking an increase of 1.8 per cent when compared to the same period last year.

Moreover, in its report, Delfi Analytics said that these figures are further evidence of the Cypriot real estate market’s stabilisation following the coronavirus pandemic, despite geopolitical turmoil in the region and rising financing costs.

On a district level, Limassol continues to lead with 32 per cent of transactions, while Nicosia, Larnaca, and Paphos provinces follow closely with 23 per cent, 21 per cent, and 20 per cent respectively. Conversely, Famagusta lags with only 4 per cent of all transactions.

Additionally, the notable rise recorded in the Larnaca district since 2022 highlights its significant hidden value, unlike the other provinces, which exhibit signs of market saturation, especially concerning specific types of properties.

Data for the first half of 2024 indicates that demand from locals is strengthening despite inflationary pressures and rising interest rates.

Although purchases by foreign buyers decreased by 18.7 per cent compared to the same period last year, sales to Cypriots increased by 13 per cent, pushing the market to higher levels than last year.

Meanwhile, the international market remains crucial, accounting for 39 per cent of total sales. Despite the decline recorded in the first half of the year, it is likely that the next period will witness a renewed upward trend.

Moreover, the value of transactions is making a notable comeback. This resilience and positive trend in the real estate market is emphasised not only by the number of transactions carried out in the first months of 2024 but also by their value.

Specifically, according to Delfi Analytics, the total value of transactions recorded up to April 2024 amounted to €992 million, with an average value per transaction of €247,888.

This is compared to a total value of €910 million and an average transaction value of €227,534 during the same period last year.

The average transaction value has been gradually increasing since the pandemic, and Delfi Analytics estimates that the market is slowly returning to the levels seen in 2019, when the transaction value was €1.2 billion, and the average transaction value was €301,680.