On Thursday 23rd January the Cyprus Real Estate Agents Registration Board announced that the number of new home sales on the island has increased in 2024.
Specifically, according to comparative data on property sales, a total of 19,155 property transfers were registered in Cyprus between January and December, with a total value of €4.3 billion. A total of 15,797 deeds of sale and purchase were registered. On a yearly basis, the volume of transfers increased by 1.5 per cent and their value by 1.8 per cent.
Figures by region:
- Nicosia recorded a total of 5,395 property transfers with a total value of €950 million.
- Limassol was next with a total of 5,054 transactions worth €1.5 billion, well above the total value recorded in Nicosia.
- In Paphos, 3,727 properties were sold for a total value of €983 million.
- Larnaca recorded 3,775 sales for a total of €637 million.
- Finally, in the vacant areas of Famagusta, 1,204 transactions took place for a total of €214 million.
The head of the Real Estate Agents Registration Board, Marinos Kinegirou, said that 2024 was another difficult year for the Cyprus property market and the sector as a whole.
This is supported by data showing a slight increase in both the number of property transfers and the number of documents deposited. However, it is important to note that despite all the difficulties and the worrying drop in sales in the first half of the year, the overall figures for 2024 were positive.
We expect difficulties in 2025 as well, but we believe that if the banks reduce the lending rates that affect the purchasing power of the locals, we will get better results for the benefit of the entire Cypriot economy," Kinegirou concluded.