On Friday, February 2, the Real Estate Agents Registration Board published its quarterly report on property sales in Cyprus.
According to the agency's fresh data, 3,534 sales transactions totaling €517.3 million were concluded in the island nation in the fourth quarter of 2023.
The Council emphasized that despite strong inflation, the real estate sector in Cyprus has performed well.
Looking at the number of sales transactions, the leader in Q4 2023 was Nicosia.
In the Cypriot capital, 1,139 properties were sold for a total of €150.4 million. The majority of transactions, based on the Council's report, concerned fields (483) and plots of land (262). In second place was Limassol, where 916 properties were sold for €149 million. In third place in terms of real estate sales in Q4 2023 was Paphos - 479 properties totaling €78.3 million, with the majority of transactions involving fields (247).
Next was Larnaca -734 sales totaling €100.4 million, with the majority of these again involving fields (323), while sales of land (175) and apartments (127) "remained at a satisfactory level". The least number of properties were sold in the vacant areas of Famagusta, with 266 transactions totaling €39.2 million.
The head of the authority, Marinos Chineiro, said that the real estate sector in Cyprus continues to grow dynamically.
The real estate sector is one of the pillars of the Cypriot economy. Therefore, it is essential both for property owners through rationalization of prices and for the government through its policies to ensure its sustainability," he concluded.