Despite the rise in house prices, interest in buying property in Cyprus remains stable. Most investors still prefer to invest in residential and commercial properties rather than keep their money in deposit accounts.
Thus, according to recent data from the Land Department, 1,135 properties were sold in Cyprus in August 2024, compared to 1,132 a year earlier.
Looking more closely, the positive momentum was recorded in all the island's cities, with the exception of Larnaca and Paphos. In Larnaca, the number of sales fell to 244 units (-11%) from 273 units in the same month of 2023, while in Paphos, the number of sales fell to 236 units (-6%) from 252 units in the same month of 2023.
In Limassol, 346 sales transactions were completed in August, compared to 327 a year earlier. The increase was 6 per cent. In Nicosia, 223 properties were sold compared to 208 in August 2023. The increase was 7 per cent. Finally, in the free neighbourhoods of Famagusta, 86 sales contracts were signed in August 2024 compared to 72 in the same month of 2023. The increase was 19 per cent.
In turn, 10,345 units were sold in Cyprus from January to August 2024. This figure is virtually unchanged from last year, when 10,183 properties were sold.
Of these: 2,295 in Nicosia, 2,238 in Larnaca, 3,299 in Limassol, 2,016 in Paphos and 497 in the vacant areas of Famagusta. The number of transactions increased by 22% in Nicosia and 9% in Larnaca. However, they fell in Limassol (-4 per cent), Paphos (-13) and the free neighbourhoods of Famagusta (-1 per cent).
The figures show that the Cypriot property market has recovered and has been performing consistently well for several years in a row, despite the general unstable economic situation in the world,' said Maxim Arte, broker at DOM's Limassol office.