Cyprus Real Estate Market Continues Unabated Growth

Cyprus Real Estate Market IPS Conference 2024

With foreign buyers driving the market, Cyprus's real estate market is booming and 2023 is on track to be the strongest year since the global real estate crisis began in 2008.

Although real estate has shown to be resilient, investors are still placing their faith on growing foreign investment in spite of the economic uncertainty brought on by the Middle East conflict, the energy crisis, and rising interest rates.

Land Registry data for sales documents shows that the first ten months of 2023 were the greatest the industry has seen since 2008.

The data shows a staggering 36.2% increase in sales documents filed through October compared to 10,781 in the previous year. Data on the typical selling prices of homes sold in each district during the first eight months of the year was recently made available by Delfi Properties.

With an average sale price of €180,000 from January to August, Nicosia has the lowest average house price, significantly less than the Limassol area, where the average sale value is €326,000. In contrast to Limassol, where the average price has climbed by 11.5%, the average price in the Nicosia district has declined by 1.2% from the previous year.

The largest annual increase in average sales price was seen in Famagusta, where it increased by 52.4% to €272,000. Paphos comes in second with €230,000, a 14.4% rise. In the first eight months, the average sale price in Larnaca increased by 8.3% to €194,000.

Source: Cyprus Property News