On Monday, October 21, the Board of Registration of Real Estate Agents announced the sustainability of the Cyprus housing market.
In particular, despite a negative trend in the third quarter, the overall performance from January to September 20224 was satisfactory.
According to comparative data on property sales, a total of 4,700 property transfers took place in Cyprus in the third quarter of 2024, with a total value of €1.05 billion. Compared to the previous quarter, these figures were down by 2.7 per cent and 5.5 per cent respectively. At the same time, 4,081 sales contracts were deposited, a decrease of 3.1% compared to the second quarter, when the figure was 3,956.
In turn, between January and September 2024, transfers increased by 6.3% to 14,074 units and their value by 1.2% to 3.1 billion euros compared to the same period in 2023. At the same time, 11,634 purchase contracts were deposited.
Figures by region:
- In Nicosia, a total of 3,925 property transfers were registered for a total value of €693.2 million.
- In Limassol - 3,736 for a total value of €1.06 billion.
- In Paphos - 2,836 for a total value of €746.6 million.
- In Larnaca - 2,685 for a total value of 455.5 million euros.
- In the free areas of Famagusta - 892 for a total value of €164.7 million.
Regarding the deposit of documents, the highest number was recorded in Limassol (3,691), followed by Nicosia (2,593), Larnaca (2,497) and Paphos (2,282) and the free areas of Famagusta (571).
Compared to the corresponding period of 2023, in the first nine months of 2024 the highest annual increase was recorded in Nicosia (+20%), followed by Larnaca (+6%) and the free areas of Famagusta (+1%). On the other hand, decreases were recorded in Paphos (-12%) and Limassol (-4%).
The head of the Real Estate Agents Registration Board, Marinos Kinegirou, stated that "the Cypriot real estate market has maintained its momentum despite numerous internal and external challenges".
Recall that the Real Estate Registration Board had earlier granted access to the Department of Lands and Survey's comparable home sales to all licensed agents in the country, as part of its ongoing efforts to increase the transparency of transactions. The Council said it will make the sector's data available as it becomes available on a quarterly basis, so that stakeholders have constant information on developments in the Cyprus real estate market.