Larnaka: apartment sales lead the way

During an upward trend in property sales, the Estate Agents Registration Board has highlighted the outstanding performance of the Larnaca area in the first half of 2023.

According to Land Registry figures quoted by the Council, Larnaca performed strongly in the first six months in the categories of houses, apartments, plots and fields, surpassing the Paphos area and closely following Nicosia.

A significant indicator of the Larnaca market is the dominance of apartment sales. Of particular interest is that of all the apartments sold, 627 were located in Larnaca, representing 28.7% of all apartment sales.

In total, there were 11,564 real estate transactions in the first half of 2023, comprising houses, apartments, plots and fields in all districts. Among these transactions, fields accounted for the majority with 42.2% of total sales, followed by land plots with 23.5%, apartments with 18.9% and houses with 15.3%.

The leading position is occupied by Limassol with a share of 32.3% in real estate sales, followed by Nicosia with a share of 25.7%. Larnaca ranked third with a 20.9% share, followed by Paphos with a 16.8% share and Famagusta with a 4.1% share.

It should be noted that these percentages refer to the volume of sales and not the value of the property. The Council notes that the Limassol area has played a catalyzing role in the trajectory of the real estate market in recent years.

Despite the city and suburbs being associated with large scale construction projects, Limassol continues to perform well in field sales. The 924 completed transactions in this category in the first half of the year represent 34% of the total number of field sales across the island.

On the other hand, the real estate market in the Nicosia area remains stable in all four property categories. It closely follows Limassol in apartment sales and has a significant share in field sales. However, the Council notes that Nicosia lags behind in apartment transactions, surpassed only by Famagusta, and ranks third behind Paphos in house sales.

Increased house sales have become a defining feature of the market in the Paphos area in recent years. This is also reflected in statistics which show that one in four house sales in the first half of 2023 were made in the Paphos area.