In 2023, real estate sales in Cyprus broke a new record.
At the same time, the number of transactions was not affected by the economic crisis. The real estate sector not only remained unscathed, but also showed positive dynamics.
The data released by the Cyprus Land Department on Wednesday, January 3, clearly reflects the upward trend in the housing market, despite repeated interest rate hikes and broader uncertainty in the economy, which has been affected by the wars in Ukraine and Israel.
In particular, the number of purchase and sale transactions registered with the Land Department in 2023 far exceeded the 2019 level, reaching nearly 16,000. It should be noted that this is the best indicator of real estate sales since 2007, when more than 21 thousand agreements were signed on the island.
In more detail, the number of sales documents filed in 2023 amounted to 15,567 units, compared to 13,409 in 2022, an increase of 16% over last year. Compared to 2019, property sales in Cyprus increased by 50.2%.
As for December, real estate sales in Cyprus increased by 2% compared to 7% in November 2023.
The biggest increase of 33% was recorded in 2023 in Larnaca, with 3,185 transactions compared to 2,402 in 2022.
This is followed by the freehold areas of Famagusta with a year-on-year growth of 17% and Paphos also with a year-on-year growth of 17%. Property sales in Nicosia also showed a 12% growth and Limassol a 9% increase.
According to local experts, 2024 will be the year of stabilization of the housing market in Cyprus.