Cyprus real estate market up by €438.2m in third quarter, too early to judge impact of Middle East war.

Despite accumulated challenges, the real estate sector in Cyprus continued to show its resilience during the third quarter of 2023, the Council for the Registration of Estate Agents said on Wednesday. In addition, council president Marinos Kineiro said that the impact of the war in the Middle East on the local real estate market is expected to become clearer in the coming months.

According to comparative real estate sales data compiled by the Department of Lands and Surveys and presented in the council's quarterly real estate market update, a total of 2,910 real estate transactions were made in the third quarter of 2023, with a total value of 438.2 million euros. President of the Real Estate Agents Registration Board''registered a total of 944 real estate transactions in the third quarter for a value of 126.1 million euros. The majority of transactions concerned plots of land (382), apartments (218) and building plots (213). In Limassol district, the total number of sales reached 801, amounting to 130.5 million euros, exceeding all other regions. It should be noted that land transactions were outstanding in this district, with 440 transfers registered during this time. In the Paphos district, 315 real estate transactions were completed in the third quarter, worth €48.2 million.

The council also noted that in the third quarter of 2023, 2,983 sales documents were submitted for a total value of 1 billion euros. The Board of Registered Estate Agents also explained that it has accessed comparative sales data from the Department of Lands and Surveys for all licensed estate agents. "This is part of the council's ongoing efforts to make information more transparent and accessible to both professionals and the general public," the council said. "The council presents sector data every quarter to provide continuous updates on the market'''real estate in Cyprus,'" he concluded.