Despite the rise in house prices and the constant increase in mortgage rates, the property market in Cyprus is not only holding its own, but is showing optimistic results. This is because most investors still prefer to invest in residential and commercial property rather than keep their money in deposit accounts. At the same time, the greatest demand continues to be for properties in Limassol. It is this Cypriot city that led the way in terms of the number of residential purchase contracts signed last month.
According to new data from the Land Department, 1,318 properties were sold in Cyprus in October 2024, compared to 1,306 sales in October last year. This represents an increase of 1%.
At a more detailed level, positive momentum was recorded in all the island's towns and cities, with the exception of Paphos and the vacant areas of Famagusta, where the number of sales declined. The highest number of properties sold during the month was in Limassol - 402 units compared to 383 in October last year. Growth amounted to 5%.
In second place was Nicosia, where 297 contracts were signed, compared to 292 in the same month last year. Sales in this city rose by 2% year-on-year. In third place was Larnaca. In this Cypriot city, 284 units were sold in October 2024, compared to 264 in the same month of 2023. At the same time, Larnaca was the leader in terms of growth in property transactions in Cyprus in October 2024 (+8%).
Finally, Paphos and the free areas of Famagusta signed 272 and 63 sales contracts in October 2024, compared to 275 and 92 in the corresponding month of 2023. The decrease was 1% and 32% respectively.
In turn, between January and October 2024, 12,952 housing units (+1%) were sold in Cyprus, compared to 12,825 units a year earlier.
Of these: 2,890 transactions took place in Nicosia, 2,781 in Larnaca, 4,093 in Limassol, 2,554 in Paphos and 634 in the vacant neighbourhoods of Famagusta. It should be noted that the number of transactions over 10 months increased in Larnaca (+6.5%) and Nicosia (+17.9%), while it decreased in Limassol (-3.1%), Paphos (-11.3%) and the free areas of Famagusta (-3.8%).