On Wednesday 8th May the Estate Agents Registration Board published its quarterly report on property sales in Cyprus.
This time the Board analysed transactions in the four main categories: apartments, houses, plots and fields.
The analysis showed that apartments attracted more buying interest than houses. The purchase of plots and fields is in demand among land entrepreneurs," said Marinos Kinegirou, head of the council.
Flats
Comparable sales recorded 421 transfers of flats in the first quarter of 2024, the majority of which took place in Nicosia. The highest average price of an apartment was recorded in Limassol at €208,220. This amount is significantly higher than the average cost of apartments in the rest of the island. In comparison, the average cost of a flat in Nicosia in the first quarter of 2024 was 131,841 euros, in Larnaca - 116,914 euros, in Paphos - 107,175 euros and in the free areas of Famagusta - 105,182 euros.
Houses
Between January and March 2024, 244 housing transactions were completed in Cyprus. More than half of the sales (137) took place in Nicosia. Larnaca, on the other hand, came last in this category. Even the free areas of Famagusta outperformed Larnaca. Interestingly, the highest average house price was also recorded in this region (EUR 393 497). The average cost of a house in Limassol was €209,917, in Larnaca €206,436, in Nicosia €138,488 and in Paphos €96,925. As a reminder, the data refer to property transactions for all areas, including suburbs, not just urban centres.
Plots
Nicosia and Larnaca were the regions with the highest number of plots sold in the first quarter of 2024 - 284 out of 462. However, in terms of average value, the highest values were recorded in Paphos (€276,468) and Limassol (€207,875). These are followed by the free areas of Famagusta (€196,857), Larnaca (€182,350) and Nicosia (€167,966). It should be noted that some plots were quite large and others included buildings, hence the high costs.
Agricultural land
Nicosia (370) and Limassol (365) sold the highest number of agricultural plots (735 out of 1,206) in the first quarter of 2024. Meanwhile, the highest average price was recorded in Paphos (€119,249) and the lowest in Nicosia (€82,192). In the other three provinces, average plots fluctuated around the same levels.
It is recalled that the Real Estate Registration Council had earlier granted all licensed agents in the country access to the Ministry of Lands and Surveys' comparative house sales, as part of its ongoing efforts to increase transparency in transactions. The Council said it would make the sector's data available on a quarterly basis, as and when it becomes available, so that stakeholders have constant information on developments in the Cyprus property market.