Real estate fourth quarter 2023

Real estate  fourth quarter 2023

Resilience, against the adverse pressures of inflation, high lending rates and high prices, was demonstrated by the real estate sector in the fourth quarter of 2023 as well.

According to the comparative real estate sales of the Department of Cadastre and Land Surveying, which is processed and presented in its quarterly “Real Estate Market Bulletin” by the Real Estate Registration Board, in the fourth quarter of the year 3,534 transfers worth €517.3 million were completed and filed 2907 sales documents worth €913.6 million.

The image by province

In the province of Nicosia, a total of 1139 transfers were recorded, with a total value of €150.4 million. The largest volume of transactions concerned fields (483) and plots of land (262). In the province of Limassol, total sales reached 916 and their value amounted to €149 million, marginally lower than Nicosia. Particular interest was recorded for fields (498).

In the district of Paphos, sales in the fourth quarter reached 479 and their total value was €78.3 million. The vast majority of transfers concerned fields (247). In Larnaca, sales amounted to 734 and their total value was €100.4 million. Most of them concerned fields (323), while the sales of plots (175) and apartments (127) moved at satisfactory levels. Finally, in the province of Famagusta, 266 transactions were carried out with a total value of €39.2 million. The province of the free Famagusta was in the 4th quarter of 2023 in the second place among the provinces in house transfers, as it counts 35 compared to 39 of Paphos.

It is noted that several properties that are registered as plots or fields also include some building within them.

In terms of sales documents, Limassol gathers the largest volume (972) and value (€458 million) in the reporting period. In terms of values, the province of Paphos follows with €158.9 million, Nicosia with €139.2 million, Larnaca with €124 million and Famagusta with €33.5 million.

The chairman of the Board of Registration of Estate Agents, Marinos Kynaigirou, commented that despite the fact that the effects of precision and geopolitical unrest are evident in the sector, it nevertheless continues to perform. “The real estate sector is one of the pillars of the Cypriot economy. That is why it is very important that both the owners, by rationalizing their prices, and the state, with its policies, take care to keep it at sustainable levels.”

It is recalled that the Board of Registration of Real Estate Agents has ensured access to comparative real estate sales of the Department of Cadastre and Land Surveying to all licensed real estate agents as part of its ongoing effort to increase transparency and information for both professionals and the public. The Council presents the data of the sector as it emerges from the data, on a quarterly basis, so that there is a continuous update of the interested parties on the course of the Real Estate Market in Cyprus.

4th Quarter 2023 Analysis

Source: Department of Land and Surveying Comparative Sales – Editing: Estate Agents Registration Board

Transfers by type of property, by province (4th Quarter 2023)