Cyprus property sales continued their upward trajectory in the final month of 2023.
According to fresh data from the Land Department, 1,356 sales transactions were concluded in the island in December, up 2% on the same month in 2022, when 1,335 contracts were signed.
In turn, between January and December 2023, 15,567 housing units were sold in Cyprus, compared to 13,409 in the corresponding period of 2022. The growth amounted to 16%. Interestingly, the demand for properties in Nicosia, Larnaca and the free areas of Famagusta increased in December 2023, while in Limassol and Paphos - decreased.
Nevertheless, the leader in the number of properties sold in Cyprus in December 2023 was Limassol.
The city signed 438 home sale contracts compared to 497 in December 2022. The drop amounted to 12%. Between January and December, 5,092 housing units were sold in Limassol, compared to 4,665 in the same period in 2022. The increase amounted to 9%.
Nicosia came second in terms of sales volume. In the Cypriot capital, 375 properties were sold in December 2023 compared to 267 in December 2022. The increase amounted to 40%. From January to December 2023 housing sales in Nicosia increased by 12% (3,105 transactions against 2,7073 in the corresponding period of 2022).
Closes the top three Larnaca. Here in December 2023 signed 265 contracts for the sale of housing against 230 a year earlier. The growth amounted to 15%. From January to December in Larnaca were sold 3 185 units of housing compared to 2 402 in the same period in 2022. The increase amounted to 33%.
Paphos is next. In December 2023, 198 properties were sold here compared to 262 in December 2022. The decrease in figures amounted to 24%. In turn, in the 12 months of 2023 housing sales in Paphos increased by 17% (3,373 transactions against 2,876 in the corresponding period of 2022).
Finally, in the vacant areas of Famagusta, 80 properties were sold in December 2023 against 79 in the same month of 2022. The increase amounted to 1%. From January to December, 812 properties were sold in the vacant areas of Famagusta compared to 693 in the same period of 2022. The increase amounted to 17%.
It is worth noting that the above figures include the unrecorded number of "non-sale" agreements, which include loan restructuring, debt collection and debt-for-asset swaps under agreements concluded between banks and insolvent borrowers in view of debt reduction.