The company Landbank Analytics, which analyzes the situation in the housing market in Cyprus, conducted a study which revealed that from January to September 2024 in the island state was recorded a significant increase in sales of new apartments. On the other hand, the number of new homes sold decreased.
The report, based on data from the Land Department, states that during the period under review, the number of real estate sales and purchases in Cyprus increased by 19.2% year-on-year to 5,253 units. Of these: 4,335 contracts worth €1.45 billion were for apartments (+27.7% in volume and +38.1% in value), while 918 contracts worth €457.2 million were for houses (-9.2% in volume and - 2.8% in value).
Looking in more detail by city in Cyprus, from January to September 2024:
- In Nicosia, 1,194 apartments (+29%) for a total of €236.9 million (+25.2%) and 161 houses (+3.2%) for a total of €49.8 million (2.6%) were sold.
- In Limassol, 1,469 apartments (+17%) were sold for a total of €820 million (+14%) and 237 houses (+18.5%) for a total of €165 million (6%).
- In Larnaca, 1,113 apartments (+35.4%) were sold for a total of €218.8 million (+39.5%) and 191 houses (+14.4%) for a total of €64.3 million (6.2%).
- In Paphos, 416 apartments (+42%) were sold for a total of €138.4 million (+31.4%) and 243 houses (-23.1%) for a total of €149.6 million (-16.8%).
- In the vacant areas of Famagusta, 143 apartments (+46%) and 86 houses (+6.2%) were sold. There was an impressive 62.1% increase in the value of apartments and double digit growth (+10.3%) in the value of houses.
The upward trend in market interest in new homes is explained by the general economic situation. For example, young couples prefer to buy new apartments instead of houses due to their lower cost. As a result, we have seen an overall decrease in both the volume and price of new home sales in Cyprus," said Andreas Christoforidis, Managing Director of Landbank Group.