The Land Department has published data on real estate sales in Cyprus for March.
According to the department's report, in the third month of 2024 on the island concluded 1,257 transactions of sale and purchase of housing, compared to 1,352 in the same month of 2023. The drop amounted to a 7 percent drop.
If we look in more detail, the positive dynamics in March was recorded only in Nicosia (+38%) and Larnaca (+2%), and negative - in the free areas of Famagusta (-15%), Paphos (-29%) and Limassol (-15%). Of the 1,257 sales transactions, 289 were in Nicosia, 55 in the free neighborhoods of Famagusta, 261 in Larnaca, 430 in Limassol and 222 in Paphos.
In turn, from January to March 2024, 3,597 residential properties were sold in Cyprus, compared to 3,574 in the corresponding period of 2023. The increase amounted to only 1%.
In Limassol, the number of transactions concluded in the first quarter fell by 10% to 1,123 compared to 1,251 in the corresponding quarter of 2023. In Nicosia, sales rose by an impressive 42%. A total of 813 contracts were signed in the capital between January and March 2024, compared to 574 a year earlier. In Larnaca, the first quarter of 2024 saw a 6% increase in the number of contracts to 723 from 684. But in Paphos and the free areas of Famagusta, the number of deals fell by 11% (to 774 from 869) and 16% (to 164 from 196) respectively.