On Tuesday 3rd September, the Cyprus Real Estate Agents Registration Board announced that in the second quarter of 2024, investor interest has shifted to the purchase of land. Many are investing in land on the island to build modern residential complexes and then resell the apartments within.
When it comes to buying houses for own use, apartments are still more in demand than houses. This trend is due to the significantly higher cost of buying mansions and villas, and the fact that the incomes of local buyers do not allow them to obtain bank loans to buy houses.
Flats
According to comparative property sales data, a total of 489 flat transfers were recorded in Cyprus in the second quarter of 2024. Nicosia accounted for most of these, but the highest average value of flats was in Limassol at €246,919, which is significantly higher than the average value of flats transferred in the rest of Cyprus. In particular, the average cost of a dwelling in Nicosia was 134,031 euro, in Larnaca 133,058 euro, in Paphos 122,846 euro and in the free areas of Famagusta 109,804 euro.
Houses
Between April and June 2024, 110 house sales transactions were completed in Cyprus. Leading the way were the free neighbourhoods of Famagusta (35 sales, average transaction value - €273,028). This was followed by Paphos (31 sales, average value - 398,857 euros), Limassol (24 sales, average value - 362,429 euros), Larnaca (21 sales, average value - 205,035 euros).
Land plots
Nicosia ranked first in terms of the number of land plots sold in the second quarter of 2024. It accounted for 273 out of 666 transactions across Cyprus. However, in terms of the highest average transaction value, the places were distributed as follows: Paphos (265 884 euro), Limassol (260 613 euro), Nicosia (198 737 euro), Larnaca (173 220 euro) and the free areas of Famagusta (151 103 euro).
Agricultural land
Nicosia (435) and Limassol (417) recorded the highest number of transactions in this category. However, the highest average prices were recorded in Paphos (170 873 euro) and Larnaca (96 255 euro).
In the other three provinces, the average price was €144,359 (in the free areas of Famagusta), €135,392 (in Limassol) and €104,752 (in Nicosia).
It is recalled that the Real Estate Registration Department had earlier granted access to the comparative house sales of the Department of Lands and Surveys to all licensed agents in the country, as part of its ongoing efforts to increase the transparency of transactions. The Council stated that it will present the sector's data, as it becomes available, on a quarterly basis, so that stakeholders have constant information on developments in the Cyprus property market.