On Wednesday, May 10, the Real Estate Agents Registration Council published its quarterly report on real estate sales in Cyprus.
According to the latest data from the agency, in the first quarter of 2023, 6,188 real estate transactions were concluded in the island state for a total of more than 1.7 billion euros.
By comparison, in the first quarter of 2022, the total amount of sold properties was 1.3 billion euros. This represents an increase of 26.6%. The Council emphasized that despite high inflation, the real estate sector in Cyprus has shown excellent results.
In terms of the total value of real estate transactions, Limassol was the leader in the first quarter of 2023. In this city, 2,097 real estate properties were sold for a total of 908 million euros. In the corresponding quarter of 2022, real estate was sold in Limassol for 587 million euros. Nicosia came in second place, where 1,597 real estate properties were sold for a total of 257.5 million euros, compared to 313 million euros for the same period last year. Paphos was in third place in terms of real estate sales volume in the first quarter of 2023, with 250 million euros. Larnaca followed with 200 million euros, and the controlled areas of Famagusta with 57.3 million euros.
The head of the agency, Marinos Kineyirou, noted that the real estate sector in Cyprus continues to develop dynamically.
In our estimation, real estate prices in Cyprus may be slightly adjusted due to inflation, rising construction costs, and higher interest rates on loans. Nevertheless, there is currently increased demand from foreign companies, primarily for large premium-class plots in Limassol, Larnaca, and Paphos. It is worth noting that the increase in the number of land deals shows that developers are in the process of developing and creating new projects to meet the increased demand from local and foreign investors," he concluded.
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