The Cyprus Real Estate Agents Registration Board said on Monday, 22 July, that the housing market has shown resilience from January to June 2024. There's also been a noticeable increase in buyer activity.
In particular, looking at the data on property sales, we can see that 9,374 property transfers took place in Cyprus in the first half of the year, which is worth a total of €2.07 billion. The figures are up by 8 per cent and 1 per cent respectively compared to the same period in 2023. Meanwhile, 7,553 sale and purchase documents were filed, which is down 2% year-on-year. Between April and June 2024, there were 4,831 transfers, which is up 6.3% compared to the first quarter, and their value was up 14.6% to €1.1bn.
Here are the figures for each region:
- Nicosia saw 2,623 property transfers, with a total value of €471.8m.
- Next up is Limassol with a total of 2,417 sales, amounting to €677.6m, which is way above the total value registered in Nicosia.
- Paphos saw 1,947 property transfers, with a total value of €508m.
- In Larnaca, there were 1,791 property transfers, with a total value of €308.6m.
- In the free areas of Famagusta, there were 596 property transfers, worth €103.3m.
Marinos Kinegirou, head of the Council for the Registration of Estate Agents, said that the Cyprus property market has kept up its pace despite lots of internal and external challenges.
The second quarter saw better results than the first, which is a good sign for the future. "The big jump in sales in Nicosia and Larnaca is a big help, since it makes up for the losses in Limassol and Paphos," Kinegirou said.
As you may recall, the Real Estate Registration Board had already given all licensed agents in the country access to the Department of Lands and Survey's comparative residential sales data, as part of its ongoing efforts to increase transparency in transactions. The Council said it'll be sharing the latest data on the property market every three months, so everyone can stay up to date with what's going on.